27 August 2019 Company Update Oil & Gas Spot LNG prices have weakened (trading at ~6-7% slope to Brent) amid rising supply glut with expansions in the US, Australia and Russia. Taking advantage of low LNG prices, the Gujarat Electricity Regulatory Commission (GERC) has approved the 278MW long-term PPA (for 19 years) for Ahmedabad and Surat distribution circles. Low LNG prices have resulted in the government looking for possible solutions to revive gas-based power plants. The National Green Tribunal (NGT) has directed the Central Pollution Control Board (and respective State PCBs) to shut critically polluted industrial clusters within three months. NGT has identified 100 industrial clusters on which the environmental assessment studies were conducted for classification under critically polluted, severely polluted and not-polluted categories. Dahej is witnessing almost full utilization of its 17.5mmt capacity, with 15.75mmtpa tied up for long term, ~0.8-0.9mmt of Kochis Gorgon volumes and other another 0.