Gas Price (Shallow Sea) (100% of calculated price ref. Art.15.7.d)

Gas Price =

Where,

= HSFO 180 CST FOB Singapore Price per metric ton

=HSFO 180 CST FOB Singapore Gross Heating Value MMBTU/metric ton

= Gross Heating Value of gas in BTU/MMSCF

A. Ceiling : US $ 180/Metric Ton of HSFO

Price =

=

= 4.7025 Dollars/MSCF

With 1% discount the price = 4.655 Dollars/MSCF (Art. 15.7 e)

B. Ceiling : US $ 200/Metric Ton of HSFO

Gas Price =

=

= 5.225 Dollars/MSCF

With 1% discount the price = 5.172 Dollars/MSCF (Art. 15.7 e)

C. Ceiling : US $ 220/Metric Ton of HSFO

Gas Price =

=

= 5.748 Dollars/MSCF

With 1% discount the price = 5.690 Dollars/MSCF (Art. 15.7 e)

D. Ceiling : US $ 240/Metric Ton of HSFO

Gas Price =

=

= 6.27 Dollars/MSCF

With 1% discount the price = 6.21 Dollars/MSCF (Art. 15.7 e)

E. Ceiling : US $ 250/Metric Ton of HSFO

Gas Price =

=

= 6.531 Dollars/MSCF

With 1% discount the price = 6.465 Dollars/MSCF (Art. 15.7 e)