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Gas supply rejig: Govt prioritises LPG, CNG and piped cooking gas amid LNG disruption – The Times of India

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Gas supply rejig: Govt prioritises LPG, CNG and piped cooking gas amid LNG disruption – The Times of India


The government has revised the priority order for allocating domestically produced natural gas, placing LPG production, CNG for transport and piped cooking gas for households at the top of the list, as disruptions in imported gas supplies intensify amid the widening West Asia conflict, PTI reported.According to a gazette notification, the requirements of these sectors will be fully met first before gas is supplied to other sectors.Under the revised framework, the fertiliser sector has been placed second, with at least 70% of its past six-month average gas demand to be met, subject to availability.At the third priority level, gas supply to tea industries, manufacturing units and other industrial consumers will be maintained at 80% of their past six-month average consumption, depending on operational availability.City gas distribution (CGD) entities supplying gas to industrial and commercial consumers have been placed at fourth priority in the revised allocation order.The reshuffle means that domestically produced gas will be diverted towards priority sectors, while supplies to petrochemical plants, power plants and other high-priced gas consumers may be curtailed.The move follows supply disruptions triggered by the ongoing conflict in West Asia.Following US-Israeli strikes inside Iran and Tehran’s retaliation, maritime traffic through the Strait of Hormuz has sharply declined, while insurance premiums have surged and energy markets have turned volatile.The strait handles roughly one-fifth of global seaborne oil and nearly one-third of LNG shipments, and is a key route for India’s imports of LNG and LPG.With tanker movement slowing, the government has decided to rework the allocation of domestically available gas to ensure supplies to essential sectors such as household cooking fuel and vehicular transport.Natural gas produced in India currently meets about half of the country’s total consumption of around 191 million standard cubic metres per day.“The Central Government has assessed that the ongoing conflict in the Middle East has resulted in the disruption of liquefied natural gas (LNG) shipments through the Strait of Hormuz and suppliers have invoked force majeure clause,” the notification said.It added that the revised allocation was necessary to maintain supplies and ensure equitable distribution of natural gas to priority sectors.The notification stated that domestic piped natural gas, CNG for vehicles and LPG production — including LPG shrinkage requirements — will receive 100% of their past six-month average gas consumption.Gas required for pipeline compressor fuel and other operational needs of the pipeline network will also receive priority allocation.For fertiliser plants, gas supply will be maintained at 70% of their past six-month average consumption, and the fuel must be used strictly for fertiliser production.“The gas marketing entities shall ensure that gas supply to tea industries, manufacturing and other industrial consumers supplied through the national gas grid is maintained at 80 per cent of their past six month average gas consumption subject to operational availability,” the order said.Similarly, CGD companies will ensure industrial and commercial consumers supplied through their networks receive 80% of their past six-month average gas consumption, depending on availability.To meet these priorities, gas supplies will be curtailed first to petrochemical facilities such as ONGC Petro additions Ltd, GAIL Pata Petrochemical Complex, Reliance O2C and other high-pressure high-temperature gas consumers, followed by power plants if required, the order said.Oil refining companies have also been asked to absorb part of the LNG supply disruption by reducing gas consumption at refineries to around 65% of their past six-month average usage.State-owned GAIL has been tasked with managing the allocation and distribution of natural gas to implement the revised priority order.



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Office demand rebounds to highest level since Covid pandemic began

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Office demand rebounds to highest level since Covid pandemic began


A “For Lease” sign in the Financial District of San Francisco, California, US, on Wednesday, May 3, 2023.

Jason Henry | Bloomberg | Getty Images

A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.

Despite the war with Iran and continued economic uncertainty in the U.S., demand for office space is recovering at a strong clip. 

In the first quarter of this year, new in-person and virtual office tours reached their highest level since the pandemic began, as measured by the VTS Office Demand Index. The index is a future indicator of lease signings about a year or more out.

The index rose 18% from the fourth quarter 2025 and 13% from the same quarter one year ago. 

“Although tested against a turbulent backdrop, demand for office space has seen an exceptional start to the year,” Nick Romito, CEO of commercial real estate software company VTS, said in a release. “What perhaps is most notable about this quarter’s positive performance is that it was led not just by tech’s sustained AI boom – but also by finance and legal companies entering the market as well.”

The surge in demand is curious, given that office-using employment is still down 2% from 2022, according to the Bureau of Labor Statistics. Usually, that would result in less office demand, but the drop in employment could also be giving employers more leverage to get workers back into the office.

Nationally, for all buildings, the office vacancy rate fell 14 basis points to 22.2% in the first quarter of this year from the previous quarter and is down 30 basis points from the last peak in Q2 2025, according to a report from JLL, a commercial real estate services and investment management company. Vacancy remains hyper-concentrated predominantly in larger-scale, aging buildings with financially constrained owners, with 10% of office buildings comprising more than 60% of total national vacancy.

As with everything in real estate, the office recovery is local. San Francisco and New York City are leading office demand, as AI tech employment rises quickly in the former and diversity of employment fuels the latter. Los Angeles also saw double-digit increases in demand on a quarterly basis, fueled by significant growth in the creative industry, according to VTS.

Cities seeing weaker demand include Boston, which was the worst-performing market in the report. Life science offices have taken a hit in that city, due to significant government funding cuts.

In addition, demand is contracting in Seattle, Washington, D.C., and Chicago, as they are not seeing strong employment growth. 

“The AI boom continues to be a dominant headline for office, and markets that lack a major tech presence, or are without a primary growth lever in another industry, are seeing declines in demand,” Ryan Masiello, chief strategy officer of VTS, said in a release. “LA’s positive performance this time around was a new bright spot – and it remains to be seen if Los Angeles can sustain growth in the near term.”

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Protesters halt NatWest shareholder meeting as boss defends climate policy

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Protesters halt NatWest shareholder meeting as boss defends climate policy



Protesters have forced NatWest to halt its shareholder meeting, as the bank’s chairman defended its climate policy in response to investors claiming it has “backtracked” on commitments.

The annual general meeting (AGM) was being held on Tuesday morning but had to be stopped for about half an hour amid disruption during chairman Rick Haythornthwaite’s opening speech.

Protesters were singing and making statements about NatWest’s climate policies.

The boss heard a statement presented by ShareAction, backed by investors managing 1.4 trillion US dollars (£1 trillion) in assets, including the Church of England Pensions Board, Greater Manchester Pension Fund and Rathbones Investment Management.

The statement said investors are “concerned by the bank’s changed outlook on climate change” having “reduced the ambition of its fossil fuel policy and climate targets”.

“The bank dropped its commitment not to finance oil and gas majors lacking a credible transition plan or failing to report their overall emissions,” it said.

It called for Mr Haythornthwaite to meet the group of shareholders to discuss the bank’s climate strategy.

Campaigners including ShareAction are also calling for shareholders to vote against the re-election of the bank’s chair over concerns of climate backtracking, which the Church of England’s pensions body said it plans to do.

Mr Haythornthwaite responded to the statements saying that he “takes climate change very seriously, as does all of this board” and that he was happy to meet the group.

“We’ve had to wrestle with the questions of how do we balance supporting our customers in their transition efforts with managing the risks in what is an increasingly complex policy environment,” he said.

He stressed that the bank’s “overwhelming” balance of lending was on renewables and that oil and gas financing comprises 0.6% of total lending.

NatWest also retained targets to at least halve the climate impact of its financing activity by 2030, against a 2019 baseline.

“I don’t want to take what sounds like a backtracking as a major shift,” Mr Haythornthwaite said, adding that “these targets matter”.



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Elon Musk-Sam Altman trial: Tech billionaires take their toxic AI row to court

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Elon Musk-Sam Altman trial: Tech billionaires take their toxic AI row to court



The battle between the AI big hitters has largely played out on social media. Now it is coming to the courtroom.



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