Gas Price (Shallow Sea)

(100% of calculated price ref. Art.15.7.d) Gas Price = Where,

Fp

Fp XGhX 1.00 Fh

= HSFO 180 CST FOB Singapore Price per metric ton

Fh =HSFO 180 CST FOB Singapore Gross Heating Value MMBTU/metric ton Gh = Gross Heating Value of gas in BTU/MMSCF

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

Fp XGhX 1.00 Fh

= =

180 X 1.045 X 1.00 40

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 = = =

Fp XGhX 1.00 Fh 200 X 1.045 X 1.00 40

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 = = =

Fp XGhX 1.00 Fh 220 X 1.045 X 1.00 40

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 = = =

Fp XGhX 1.00 Fh 240 X 1.045 X 1.00 40

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 = = =

Fp XGhX 1.00 Fh 250 X 1.045 X 1.00 40

6.531 Dollars/MSCF

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