India Seeks More LNG Under Qatar Deal

Illustration shows Qatar flag and natural gas pipeline. Reuters
Illustration shows Qatar flag and natural gas pipeline. Reuters
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India Seeks More LNG Under Qatar Deal

Illustration shows Qatar flag and natural gas pipeline. Reuters
Illustration shows Qatar flag and natural gas pipeline. Reuters

Petronet LNG, India's top gas importer, will seek up to 1 million tons per annum (mtpa) of liquefied natural gas (LNG) when it renews its long-term deal with Qatar this year, the company's chief executive said on Tuesday.

"We are seeking an additional 0.75 to 1 mtpa on top of existing 8.5 mtpa contact," Chief Executive A.K. Singh told reporters on the sidelines of the Indian Energy Week conference.

Petronet, which is currently purchasing LNG from Qatar at $16 per million British thermal unit (mmbtu), has until the end of this year to renew its deal.

India's LNG imports fell for the second straight year in 2022, mainly due to fewer imports by utilities as the country ramped up coal-fired power production at the expense of natural gas.

The energy-hungry nation expects deeper penetration of city gas distribution to drive LNG demand in the coming years.

Petronet, which is currently purchasing 1.42 mtpa of LNG from Exxon Mobil Corp's Gorgon project in Australia, will receive an additional 0.6 mtpa under the deal from 2025-26, Reuters quoted Singh as saying.

This, he added, would be in addition to the 2.02 mtpa it will import from Gorgon by 2025-26, although a timeline for the shipments has not been finalized yet.

The gas importer is looking to expand the capacity of its LNG terminals by more than 53% in the coming years, including by opening its first terminal on India's east coast.

The state-run company currently owns a 17.5 mtpa LNG terminal in Dahej in the western state of Gujarat and a 5 mtpa capacity plant in Kochi in southern India. It is building its third terminal in Gopalpur in eastern the state of Odisha.



Custodian of the Two Holy Mosques Approves Saudi Riyal Symbol

Custodian of the Two Holy Mosques Approves Saudi Riyal Symbol
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Custodian of the Two Holy Mosques Approves Saudi Riyal Symbol

Custodian of the Two Holy Mosques Approves Saudi Riyal Symbol

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud approved on Thursday the Saudi riyal symbol in a historic move that will reinforce the Saudi currency's identity.

SAMA Governor Ayman Al-Sayari extended his profound appreciation to the Custodian of the Two Holy Mosques and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister, for launching the Saudi riyal symbol.

A Saudi Central Bank (SAMA) statement quoted Al-Sayari as saying that this decision reinforces Saudi Arabia's financial identity locally, regionally, and internationally. He indicated that the implementation of the new symbol will be gradual for financial and commercial transactions, with coordination across all relevant entities.

Al-Sayari said this initiative aims to promote national identity and cultural belonging, highlight the role of the national currency, and showcase the Kingdom among major global economies and G20 members. The initiative also signifies the increasingly important role of the national currency in the global financial ecosystem.

The Saudi riyal symbol

The governor acknowledged the collaborative efforts that have facilitated this achievement, extending his appreciation to all contributing entities involved in the symbol's development project led by SAMA, including the Ministry of Culture, the Ministry of Media, and the Saudi Standards, Metrology and Quality Organization.

According to the statement, the Saudi riyal symbol, developed to the highest technical standards, embodies the Kingdom's rich cultural heritage, carrying the name of the national currency "Riyal" in a design derived from Arabic calligraphy.

"The symbol will streamline the representation of the Saudi riyal in local, regional, and international contexts, making it suitable for use in referring to the Saudi riyal in all financial and commercial transactions," said the statement.

As Saudi Arabia advances its Vision 2030 agenda, the launch of the symbol solidifies the importance of the Kingdom's financial system and its increasing role regionally and internationally.