Dabhol cargo for Argentina
Small consolation but GAIL needs to worry no longer about the LNG cargo turned away because of a mishap while commissioning the 5m t/y Dabhol LNG terminal in Maharashtra.
Argentina’s state-owned ENARSA in mid-May snapped up the commissioning cargo, sourced by US-based LNG trader Excelerate Gas Marketing through Statoil from the 4.3m t/y Snohvit LNG terminal in Norway. ENARSA bought the cargo for $17.60/mmbtu.
GAIL was meant to pay Excelerate around $15.5/mmbtu. “ENARSA took the cargo for $15/mmbtu plus a premium of $2.6/mmbtu based on a Henry Hub ‘futures quotation’,” we hear.
Barely 10% of the 135,000-cubic metre cargo was discharged from LNG tanker Excelerate at the GAIL and NTPC run Dabhol terminal before a jetty accident on April 4. Excelerate finally managed to leave Dabhol on May 4 after complicated customs procedures including ‘reversing’ the import bill.
Its cargo was auctioned on high seas.