Torrent imports more and more LNG
Sudhir Mehta, chairman and managing director of Torrent Power, can expect a grilling from shareholders at the company's 12th annual general meeting on August 2 in Ahmedabad over the company's increasing reliance on imported LNG.
Over the last three months Torrent has rapidly increased the frequency of its spot LNG imports, bringing in three back-to-back shared or parcel cargoes of around 50,000 cubic metres each. Expect Torrent to bring in even more this year.
"Good deals are available and Torrent continues to hunt for them," says an industry source. "It's a power producer and is extremely price conscious." On July 21 Torrent shared an Equatorial Guinea cargo with Shell.
A month earlier on June 14 it similarly shared an Australian cargo with GSPC paying $5.89/mmbtu and on May 14 it shared a West African cargo with GSPC paying $5.28/mmbtu. With a gas-based power generation capacity of 2730-MW at Surat and Dahej, Torrent imported its first shared cargo in November 2013.
