|Bid||267.75 x 0|
|Ask||267.95 x 0|
|Day's Range||263.45 - 271.05|
|52 Week Range||163.00 - 271.05|
|PE Ratio (TTM)||23.32|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Exxon Mobil's deal to cut the price of liquefied natural gas (LNG) supplied under long-term contract to an Indian buyer has largely been viewed as a bad outcome for producers of the super-chilled fuel. Certainly the trade made by Exxon to supply more LNG to Petronet LNG, but at a lower price, does seem to favour the Indian utility. Exxon will increase the volume supplied from its share of the Chevron-led Gorgon project in Western Australia by 1 million tonnes a year to about 2.5 million tonnes, but at a lower cost than originally agreed in 2009.
MELBOURNE/NEW DELHI, Sept 11 (Reuters) - India has won a price cut on a 20-year liquefied natural gas (LNG) deal with global giant ExxonMobil Corp in a rare contract renegotiation, a bad sign for producers in a heavily oversupplied global market. In a trade-off for ExxonMobil, India's Petronet LNG will increase its volumes from the Gorgon LNG project in Australia by an extra 1 million tonnes a year to about 2.5 million tonnes a year, but at cheaper rates than initially agreed in 2009.
India's Petronet LNG has agreed to buy an additional one million tonnes of liquefied natural gas (LNG) from ExxonMobil's share of the Gorgon project in Australia, two sources said on Monday, after the global giant eased the terms of a previous deal. Petronet will buy the LNG on delivered basis with a price equivalent to about 12.5 percent of Brent oil prices, the sources said. Indian Oil minister Dharmendra Pradhan said on Saturday that Petronet has been able to renegotiate a contract agreed in 2009 for around 1.5 million tonnes a year of LNG from ExxonMobil's share of the Gorgon LNG project in Australia.
India's liquefied natural gas (LNG) demand could ease as the government has scrapped subsidies on gas sales to power companies, the chief executive of the country's biggest gas importer said on Wednesday at a gas conference in Japan. India plans to raise the share of gas in its energy mix to 15 percent over the next three years, but a major challenge to that goal is the price sensitivity of Indian consumers. India has for the last two fiscal years been giving discounts on the sale of imported LNG to revive more than 14 gigawatts of stranded power generation capacity that had been hit by domestic gas shortages.
India's biggest gas importer Petronet LNG will cut spot purchases of liquefied natural gas in the next fiscal year as it is getting supplies under a long-term deal with Exxon Mobil Corp for imports from Australia's Gorgon project, the company's chief executive Prabhat Singh said on Thursday. Separately, Petronet LNG's head of finance, RK Garg, said the second LNG cargo from Gorgon is expected to arrive in March. Petronet LNG has a long-term contract with Exxon Mobil to buy about 1.5 million tonnes of super-cooled fuel every year.