Exclusive: #Qatar set to sign cheaper long-term LNG deal with India | Reuters

Exclusive: Qatar set to sign cheaper long-term LNG deal with India | Reuters

Qatar Energy within weeks could sign a long-term deal to provide liquefied natural gas (LNG) to Indian buyers on cheaper and more flexible terms than existing contracts, trade sources said, as India seeks to meet a goal to increase the fuel's use.

The Indian companies and Qatar Energy have agreed on terms and a contract could be signed by the end of this month or early in February, one of the sources said, adding the contract offering destination-flexible cargoes and lower pricing, would run until at least 2050, possibly longer.

It would extend contracts set to expire in 2028 for the supply of 8.5 million metric tons per year (tpy) LNG to Indian buyers and play a part in meeting Prime Minister Narendra Modi's aim to raise the share of natural gas in the country's energy mix to 15% by 2030 from 6.3% now.

The Indian companies and Qatar Energy did not respond to requests for comment.

Qatar, which aims to expand its liquefaction capacity to 126 million tpy by 2027 from 77 million, is keen to play a larger role in Asia and Europe as competition from U.S. supply increases.

Toll operator Salik lifts #Dubai, #AbuDhabi falls | Reuters

Toll operator Salik lifts Dubai, Abu Dhabi falls | Reuters

Dubai stock exchange closed higher on Friday, lifted by a jump in toll operator Salik Company (SALIK.DU), while the Abu Dhabi index declined.

Dubai's main index (.DFMGI) jumped 0.7%, boosted by a 5.2% rise in toll operator Salik Company after the firm announced plans to build two new toll gates in Dubai to optimize traffic flow and reduce congestion.

Also making gains Dubai's biggest lender, Emirates NBD Bank (ENBD.DU) was up 1.5% after the lender raised $450 million from the sale of 5-year Formosa bonds, an arranging bank document said.

However, the Abu Dhabi benchmark index (.FTFADGI) dropped 0.1%, extending losses to the sixth session in a row, dragged down by a 0.8% fall each in International Holding Company (IHC.AD) and IHC-owned Alpha Dhabi Holding (ALPHADHABI.AD).

Losses in the Abu Dhabi index were capped by a 2% gain in UAE's largest lender, First Abu Dhabi Bank (FAB.AD) and 1.8% rise in Abu Dhabi Commercial Bank (ADCB.AD).
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Dubai and Abu Dhabi indexes recorded weekly losses of 0.6% and 0.8% respectively according to LSEG data.

Alternative asset manager Investcorp Capital (ICAP.AD) surged 9.2%, its highest intraday gain since listing in mid-November 2023, after HSBC initiated coverage on the company's stock with a "buy" rating and a target price AED 2.51.