Skip to main content

Watch: Why India is turning to LNG

November 25, 2025

India is one of the world’s fastest-growing economies. To help meet soaring energy demand, the country is growing liquefied natural gas (LNG) in its energy mix. This short film explores why – showing how LNG is helping to power industry and improve energy security, while offering a lower-carbon alternative to coal.

Transcript

Title: See how LNG is fuelling India’s transformation

Duration: 07:27

Description: Kunal, Head of Campaigns at Shell, explains more about LNG (particularly from Hazira Port), as well as the energy journey India is on and how Shell is helping

[Background music]

Upbeat music plays

[Visuals]

We open on Kunal talking straight to camera

[Text displays]

Liquefied natural gas or LNG

[Visuals]

Cuts to VFX airport-type clapperboard spelling ‘RIGHT’ and ‘NOW’, before cutting to 3x quick shots: hand flipping a switch; tower block at night; gas ring lighting up

[Text displays]

(over 3x shots) it’s helping power lives around the world.

Kunal voiceover:

Right now, it’s helping power lives around the world.

[Visuals]

Cuts to 2x shots of a ship

[Text displays]

It’s flexible – easily moved

Kunal voiceover:

It’s flexible – easily moved wherever it’s needed.

[Visuals]

Cuts to drone-type shot of factory exterior before cutting to 2x drone-type nighttime city shots

[Text displays]

It’s supporting countries with a secure energy supply…

AND it’s helping address emissions

Kunal voiceover:

It’s supporting countries with a secure energy supply.

[Visuals]

Cuts to Kunal

[Text displays]

What is LNG and why is it so important to countries like India?

Kunal:

But what is LNG and why is it so important to countries like India?

[Visuals]

Cuts to shot of River Thames and London Eye cityscape before cutting to shot of Kunal under London Eye

[Text displays]

Kunal (white arrow points to him)

Kunal:

I’m Kunal.

[Visuals]

Cuts to shot of Kunal with cricket equipment before same shot forms middle of three side-by-side cricket shots

Kuna voiceover:

Cricket fanatic.

[Visuals]

Transitions to Kunal singing and playing piano

Kunal voiceover:

Part-time musician.

[Visuals]

Transitions to still of Kunal near the London Eye

Kunal voiceover:

And Head of Campaigns at Shell.

[Visuals]

Transitions to brown stamp-filled background before ‘ripping’ effect to reveal a montage of family photos with Kunal against colourful backdrops, before ending with still of Kunal outside Underground station

Kunal voiceover:

I grew up in the UK, but with Indian parents and family still scattered around the country, India holds a special interest and place for me. Now, after nearly a decade…

[Visuals]

We slowly zoom in on still of Kunal which then morphs into video, before cutting to him walking outside with suitcase

Kunal voiceover:

…I’m heading back to India to see how one of the world’s fastest growing economies is securing energy to power its future.

[Visuals]

Cuts to shot of x2 shots of trains and 1x shot of plane in sky. A Polaroid-style shot of plane fills screen, becoming a brief video of flying past clouds before that shot ‘rips’ and takes us back to brown ‘stamp’ background, this time with a map on it. The UK is highlighted in yellow, with pop-up Elizabeth Tower, red phone box and black taxi cab graphics. A clapperboard VFX appears stating ‘LONDON’, and a red dot appears with a plane animation which moves us down and along the map to another red dot on a yellow highlighted India. The Taj Mahal and small vehicle pop-up graphics appear on it and a clapperboard VFX appears stating ‘DELHI’

Kunal voiceover:

I’m flying into Delhi, the country’s capital, hoping to speak to a senior government official about LNG.

[Visuals]

We zoom in slightly on the India graphic, with the Taj Mahal and vehicle images being replaced by a lighthouse, ship and Shell worker, with the clapperboard changing to ‘SURAT’. Another red dot is also highlighted to identify ‘Surat’

Kunal voiceover:

Then, it’s over to the West coast and the port city of Surat, to get a look at how LNG arrives in the country.

[Visuals]

Return to ‘blank’ brown stamp background, with 6x Polaroid-type images ‘falling’ onto background

Kunal voiceover:

But before I talk to anyone, I want to understand what’s driving India’s interest in natural gas and LNG.

[Visuals]

Final image ‘rips’ to reveal brown stamp-filled background. VFX chart graphic appears

[Text displays]

Total energy supply

India, 2023-24

59.9% Coal

1.37% Nuclear

1.26% Hydro

7.15% Gas

2.2% Renewables

28.1% Oil

Source: India Climate and Energy dashboard, based on data from government ministries

Kunal voiceover:

Currently, coal supplies more than half of the energy here. But like many countries around the world, India is trying to find lower-carbon alternatives. It's already committed to growing its renewable energy capacity to 500 gigawatts by 2030.

[Visuals]

Cuts to Kunal walking down corridor

[Text displays]

natural gas account for 15% of its energy supply

more than double what it is today

Kunal:

By the same year, India aims for natural gas to account for 15% of its energy supply. That’s more than double what it is today. But why does this all matter?

[Visuals]

Cuts to Kunal walking into an office, shaking Pankaj Jain’s hand

Kunal voiceover:

I’ve been lucky enough to be given time with Pankaj Jain, India’s Secretary at the Ministry for Petroleum and Natural Gas…

[Visuals]

Transitions to brown background with VFX airport-type clapperboard spelling ‘ENERGY and ‘MIX’

Kunal voiceover:

…to ask about the country’s changing energy mix.

[Visuals]

Cuts to Pankaj talking to camera

[Text displays – name strap]

Pankaj Jain

Secretary, Ministry of Petroleum and Natural Gas, India

Pankaj:

What India aims for is growth in natural gas consumption…

[Visuals]

Cuts to Kunal nodding

Pankaj voiceover:

…going up well beyond the current growth that we see.

Kunal:

And secretary, what is it about natural gas in particular that makes it so appealing here in India?

[Visuals]

Cuts back to Pankaj

Pankaj:

LNG is a very valuable alternative…

[Visuals]

Cuts to 5x shots: solar panels; wind turbines, factory worker, textiles spinning, textile ropes

Pankaj voiceover:

…when it works in tandem with renewables, and particularly in both hard to abate and hard to electrify sectors, especially in manufacturing. It's…

[Visuals]

Cut back to Pankaj

Pankaj:

…about giving us flexibility…

[Visuals]

Cuts back to Kunal, nodding

Pankaj voiceover:

…particularly when we use LNG…

[Visuals]

Cuts back to Pankaj

Pankaj:

…in terms of abating emissions in lieu of coal.

[Visuals]

Transitions back to brown stamp-filled background which quicky ‘rips’ to reveal Kunal sat at table with white mug

[Text displays]

expanding industries contributing to a surge in energy demand

Kunal:

The Secretary made it clear that India’s expanding industrial sector is contributing to a huge surge in energy demand.

[Visuals]

Cuts to slightly closer shot of Kunal

[Text displays]

imported LNG also needed in the mix

Kunal:

And while India’s own gas production is helping meet this, imported LNG is also needed in the mix.

[Visuals]

Cuts to closer shot of Kunal

Kunal:

But before we go on, here’s a quick reminder of what LNG, or liquefied natural gas, actually is.

[Visuals]

Cuts to yellow background

[Text displays]

Liquefied Natural Gas

Kunal voiceover:

In short…

[Visuals]

Transitions to blue background with cloud VFX graphic which expands and eventually ‘drips’, until shrinking and disappearing. Icicle animations also form at top of screen. The temperature numbers are constantly changing until they get to the ones mentioned in text display below

[Text displays]

-162°C

-260°F

Kunal voiceover:

…LNG is natural gas, turned into liquid by cooling it to around minus 162 degrees Celsius. This shrinks its volume 600 times – like compressing a beach…

[Text displays – on final ‘water’ bit]

Cooled. Condensed. Shipped.

[Visuals]

Two grey VFX ‘pieces’ emerge from top and bottom of screen, slamming shut and then revealing yellow background and small ball which bounces around. We then follow the ball rolling and bouncing down and along grey ‘pieces’, ending up in a red boat and moving along the VFX ‘water’

Kunal voiceover:

…ball into a ping pong ball – making it far easier to move wherever it’s needed. Think of it as natural gas that’s cooled, condensed and shipped.

[Visuals]

Cuts to shot of Kunal walking down corridor

Kunal:

But why are so many countries drawing on LNG?

[Visuals]

Cuts to VFX clapperboard graphic – spells out ‘WHY’ and then ‘NOW?’

Kunal voiceover:

And why now?

[Visuals]

Cuts to Kunal and Mallika sat at table, before cutting to closer shot of Mallika, and then back to the pair of them

Kunal voiceover:

I asked my colleague and Shell’s Chief Economist, Mallika Ishwaran.

[Visuals]

Cuts to shot of Mallika

Mallika:

Countries are looking to see…

[Visuals]

Cuts to shot of Kunal, nodding

Mallika voiceover:

…how they can develop their…

[Visuals]

Cuts back to Mallika

[Text displays – name strap]

Mallika Ishwaran

Chief Economist, Shell

Mallika:

…domestic resources, whether that's fossil or renewables, but they're also looking to see how they can diversify the sources of imported energy.

[Visuals]

Cuts back to Kunal

Kunal:

So more countries are looking to import more natural gas in the form of LNG.

Mallika voiceover:

Yes.

[Visuals]

Cuts back to Mallika

Mallika:

Global LNG trade has been increasing over the last few de–…

[Visuals]

Cuts back to Kunal, nodding

Mallika voiceover:

…–cades. In fact, the size of…

[Visuals]

Cuts back to Mallika

Mallika:

…the market has increased more than 70% since twenty-ten.

[Visuals]

Cuts to previously seen map of a yellow highlighted India with red dot on it. The Taj Mahal and small vehicle pop-ups appear on it and a clapperboard VFX spelling ‘DELHI’. We zoom in to ‘Surat’, signified by another red dot and previously seen appearing ship, Shell worker and lighthouse graphics. The clapperboard once again changes to ‘SURAT’

Kunal voiceover:

Now understanding LNG’s role in India’s energy mix, I travelled from Delhi to India’s Gujarat Coast, the port city of Surat and Shell’s Hazira LNG terminal, to learn more.

[Visuals]

Previous visual ‘rips’ to reveal brown stamp background. 13x Polaroid-type shots (a mixture of stills and videos) ‘fall’ on top

Kunal voiceover:

Shell’s Hazira terminal has the capacity to import up to five million tonnes of LNG a year... All of it arrives by specially designed LNG carriers. And this really comes to life when you see it firsthand.

[Visuals]

Cut to exterior shot of Kunal standing near ship

Kunal:

This ship behind me has just docked in from thousands of miles away. It contains gas produced in one part of the world, cooled to a liquefied state…

[Visuals]

Transitions to 3x two side-by-side shots of factory goings-ons and then exterior shot of worker

[Text displays]

(over final three shots)

pressurised and warmed

using seawater

back into gas

distribution to customers

Kunal voiceover:

…and then, when it arrives in country, it’s pressurised and warmed using seawater, to turn it back into gas before distribution to customers across India.

[Visuals]

Transitions back to brown stamp-filled background. This quickly ‘rips’ to reveal Kunal standing outside. We then cut to 3x exterior factory-type setting shots

Kunal voiceover:

Customers like GAIL India, a state-owned energy firm that is one of India’s largest distributors of natural gas. I visited their Director of Marketing, Shri Sanjay Kumar, and asked why the gas coming from Hazira is so important.

[Visuals]

Cuts to Shri

[Text displays – name strap]

Shri Sanjay Kumar

Director Marketing, GAIL India

Shri:

Thank you, Kunal.

[Visuals]

Cuts to slightly closer shot of Shri

Shri:

Located on the Western coast, this terminal…

[Visuals]

Cuts to slightly wider shot of Shri

[Text displays – name strap]

Shri Sanjay Kumar

Director Marketing, GAIL India

Shri:

…plays a pivotal role as a crucial entry point for the country’s energy needs.

[Visuals]

Cuts to slightly closer shot of Shri

Shri:

We are proud to mark a key milestone this year…

[Visuals]

Cuts to slightly wider shot of Shri

Shri:

…which will be our hundredth…

[Visuals]

Cuts to shot of ship on water before cutting to 3x exterior factory-type setting shots

Shri voiceover:

…LNG cargo at Hazira. As India’s demand for natural gas continues to grow, we look forward…

[Visuals]

Cuts back to Shri

Shri:

…to deepening this strategic alliance with Shell India in the years ahead.

[Visuals]

Cuts to 1x exterior factory shot and 3x interior shots before cutting to Kunal and Dilip walking down corridor together

Kunal voiceover:

And customers like Arcelor Mittal Nippon Steel India, which happens to have a steel plant right next door to Hazira. I met with their CEO, Dilip Oomen…

[Visuals]

Cuts to VFX clapperboard effect, spelling out ‘FIND’, ‘OUT’, and ‘MORE’

Kunal voiceover:

…to find out more.

[Visuals]

Cuts to Kunal

Kunal:

Dilip, I’m intrigued as to why this steel plant is drawing down on LNG.

[Visuals]

Cuts to Dilip

[Text displays – name strap]

Dilip Oomen

CEO, AMNS India

Dilip:

Natural gas offers lower emissions compared to…

[Visuals]

Cuts to Kunal, nodding

Dilip voiceover:

…coal. We, as a leading…

[Visuals]

Cuts back to Dilip

Dilip:

…and responsible steel manufacturer…

[Visuals]

Cuts to slightly closer shot of Dilip

Dilip:

…primarily use natural gas in the iron making process. It helps us decarbonise the steelmaking process and…

[Visuals]

Cuts to separate shot of Dilip at different angle

Dilip:

…supports India's net zero targets.

[Visuals]

Cuts back to Kunal

Dilip voiceover:

This provides the reliable…

[Visuals]

Cuts back to Dilip at original angle

Dilip:

…energy we need to keep our business running.

[Visuals]

Transitions to brown stamp-filled background. This quickly ‘rips’ to reveal Kunal

[Text displays]

LNG offers a range of benefits

*According to the IEA report: “Assessing emissions from LNG supply and abatement options”. (This second one remains until “partner with renewables”)

Kunal:

Speaking to government, economists and customers, it’s becoming increasingly clear that imported LNG offers a range of benefits to countries like India.

[Visuals]

Cuts to slightly closer shot of Kunal

[Text displays]

Helps provide energy security

Offers a lower-carbon alternative to coal*

Can partner with renewables

Kunal:

It helps provide energy security. It offers a lower-carbon alternative to coal, and, it can partner with renewables.

[Visuals]

Cuts back to yellow map graphic, where we last left ‘Surat’ – red dot; VFX clapperboard; ship, Shell worker; lighthouse. These dissolve and we follow map and red line ‘down’ to Mumbai. Two pop-up building structure graphics appear, as well as two boats. The VFX clapperboard changes to ‘MUMBAI’

Kunal voiceover:

Before heading back to the UK, I’m making one final stop in Mumbai…

[Visuals]

Cuts to Kunal walking through a door to greet Nakul, before cutting to them walking together

Kunal voiceover:

…to ask Nakul Raheja, Country Head of Shell Energy India, just why Hazira and LNG are…

[Visuals]

Cuts to airport clapperboard VFX, displaying ‘THE’, ‘COUNTRY’S’, and ‘FUTURE’

Kunal voiceover:

…so important to the country’s future.

[Visuals]

Cuts to shot of Nakul

[Text displays – name strap]

Nakul Reheja

Country Head of Shell Energy India

Nakul:

What we do here in India via Hazira…

[Visuals]

Cuts to slightly closer shot of Nakul

Nakul:

…helps us connect supply and demand…

[Visuals]

Cuts to 6x montage shots: people, cities, gas

Nakul voiceover:

…helps us impact people's lives at scale and helps us make a difference by building the energy system of the future.

[Visuals]

Cuts to Kunal walking down corridor

Kunal:

What a trip and what a privilege.

[Visuals]

Cuts to shot of iPhone on table (slowly zooming out to reveal a hot drink), showing three consecutive photos of Kunal and family

Kunal voiceover:

Returning to India has given me the chance to catch up with family – and I even got to play some cricket!

[Visuals]

Cuts back to Kunal

Kunal:

Most importantly, I learned more about the energy journey India is on and how Shell is helping.

[Visuals]

Cuts to evening-time cityscape, then 3x shots of cars and buildings, before cutting to gas burning. Then cuts to cars driving along road then to a busy street

[Text displays]

(Over gas onwards)

LNG for imported energy security

Help diversify energy mix

Kunal voiceover:

To support its soaring economy and population, I’ve learned this country is looking to LNG for energy security, to help diversify its energy mix…

[Visuals]

Cuts to Kunal, talking straight to camera

Kunal:

…powering lives and economic progress.

[Visuals]

Shell logo appears on screen (over pre-existing shot)

Discover more

shell.com/hazira

© SHELL INTERNATIONAL 2025

“Natural gas provides the reliable energy we need to keep our business running.”

Dilip Oommen – CEO Arcelor Mittal Nippon Steel India

15%

proportion of natural gas India aims to have in its energy mix by 2030, more than double what it is today.

600 times

amount natural gas shrinks when cooled to a liquid at minus 162˚C (around minus 260˚F).

5 million tonnes

current annual import capacity of Shell’s 100%-owned Hazira LNG terminal in India, enough to meet the energy needs of around 6.7 million Indian households.

Learn more about India and LNG

How is natural gas used in India?

Natural gas in India is mostly used in the country’s growing industries, including to produce chemicals that go into fertiliser, and that go into fertiliser and in heat-intensive processes such as steelmaking. Gas is also used alongside renewables for power, as well as in transport in the form of compressed natural gas (CNG).

What is the role of gas and LNG in supporting India’s economy?

Gas is helping to provide a secure energy supply to hard-to-electrify manufacturing sectors such as steelmaking and glass production. Gas also works alongside renewables, helping to power businesses, including the country’s growing technology sector.

What are the benefits of gas and LNG in India?

Currently around half the energy in India comes from coal.1 LNG produces around 40% fewer greenhouse gas emissions compared with coal to produce electricity, according to the International Energy Agency.3 It also emits far less sulphur dioxide, nitrogen oxide and other compounds that contribute to local air pollution, a major challenge facing India.

1 India Climate and Energy dashboard, based on data from government ministries.

2 This accounts for all emissions from gas extraction to use. The IEA estimates

 (p16) that LNG results in about 25% fewer emissions than coal across energy use cases of these fuels.

How does India plan to expand its use of natural gas?

India aims to have natural gas account for 15% of its energy supply by 20302 – more than double what it is today. To help enable this, the government is investing in infrastructure including city gas distribution networks to make gas accessible to more of the population.

3 https://www.pib.gov.in/PressReleaseIframePage.aspx?PRID=1987803

Cautionary note

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this content “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this content refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

Forward-looking statements

This content contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”, “aspiration”, ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this content, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this content are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F and amendment thereto for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov

). These risk factors also expressly qualify all forward-looking statements contained in this content and should be considered by the reader. Each forward-looking statement speaks only as of the date of this content. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this content.

Shell’s net carbon intensity

Also, in this content we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s net-zero emissions target

Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

Forward-looking non-GAAP measures

This content may contain certain forward-looking non-GAAP measures such as adjusted earnings and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

The contents of websites referred to in this content do not form part of this content.

We may have used certain terms, such as resources, in this content that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov

.

You may also be interested in