Trump Promotes a U.S. Gas Trade With India That Already Exists

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Trump Promotes a U.S. Gas Trade With India That Already Exists

https://www.bloomberg.com/news/articles/2017-06-27/trump-promotes-a-u-s-gas-trade-with-india-that-already-exists?cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social

By Ryan Collins
June 26, 2017, 7:24 PM CDT June 27, 2017, 4:01 AM CDT


In promoting trade with India, President Donald Trump suggested Monday that the U.S. is on the verge of signing long-term agreements to send natural gas to the Asian country.

There’s just one thing: India already has long-term agreements for U.S. gas. And it’s received at least seven cargoes of it since the U.S. started liquefying its shale gas and sending it overseas last year, according to ship-tracking data compiled by Bloomberg.

After a meeting with Indian Prime Minister Narendra Modi, Trump said the U.S. will sign long-term contracts to supply India with American gas, adding that it’s “trying to get the price up a little bit” first. Meanwhile, Indian companies have already secured agreements for supplies from Cheniere Energy Inc.’s Sabine Pass liquefied natural gas terminal in Louisiana; Dominion Energy Inc.’s planned Cove Point LNG plant in Maryland; and Sempra Energy’s Cameron LNG project in Louisiana, company filings show.

At this point, such long-term gas contracts between the U.S. and India are “not new,” said Anastacia Dialynas, an energy analyst at Bloomberg New Energy Finance. "We’ve already had 24 billion cubic feet since we started exporting last year and that will likely increase. The biggest impact this could have is if it signals a new contract being signed."

The White House didn’t immediately respond to a request for comment on already-existing gas contracts with India.

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