FOX LIVE NEWS UPDATE
UPDATE 1-India’s GAIL says LNG supply from Gazprom will start from May
April 12 (Reuters) – India’s state-owned gas supplier and developer GAIL Ltd GAIL.NS plans to buy 0.5 million tonnes or eight cargoes of liquefied natural gas (LNG) from Russia’s Gazprom GAZP.MM in 2018/19, its chairman and managing director B.C. Tripathi said.
“The cargoes will start coming from May,” Tripathi told Reuters on Thursday at the International Energy Forum.
GAIL renegotiated the terms of a long-term 2.5 million tonnes per annum (mtpa) liquefied natural gas (LNG) purchase deal with Russia’s Gazprom in January. was the third such renegotiation by India with LNG suppliers to make the imported fuel more affordable, using its position as one of the world’s biggest energy consumers to strike better bargains for its companies.
India has also renegotiated long-term LNG deals with Qatar’s RasGas and Exxon Mobil Corp (NYSE:XOM) XOM.N as spot prices declined substantially amid a supply glut that turned trading of the seaborne gas into a buyers’ market. is planning to get as much as 5 million tonnes of LNG from the United States as well, equivalent to about 80 cargoes throughout the fiscal year, Tripathi said.
He said half of the U.S. LNG cargoes could be swapped for shipments from other suppliers, depending on available terms.
“Swapping is a continuous process and we are doing it regularly. We have swapped three so far in this year,” he said, although he added that GAIL did not expect to swap any of the Gazprom cargoes this year.
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