Reliance Industries to Buy September LNG Spot Cargo for RefineryChou Hui Hong
Reliance Industries Ltd. is seeking to buy a spot cargo of liquefied natural gas for delivery in early September at India’s Hazira terminal, said a company official.
The operator of the world’s biggest oil refinery complex will buy the shipment for delivery between Sept. 1 to Sept. 4 for use as feedstock at its Jamnagar refinery and power generators, said the person, who asked not to be identified because he isn’t authorized to speak to the media.
The company’s price target for the LNG cargo is $14.50 per million British thermal units and it has contacted a few suppliers for offers, the official said.
The 5 million ton-a-year Hazira terminal is owned by Royal Dutch Shell Plc and Total SA. Reliance, which imports spot LNG via Hazira, has no long-term supply contracts, according to data compiled by Bloomberg.