Gazprom LNG Deal

State-owned Gail India on Friday said it has initiated legal proceedings against a former unit of Russian energy giant Gazprom for non-delivery of LNG and has sought USD 1.817 billion in damages. In a stock exchange filing, the gas utility said it has filed an arbitration claim before the London Court of International Arbitration for "non-supply of LNG cargoes under long-term contract." GAIL in 2012 signed a 20-year deal to buy as much as 2.85 million tonnes per annum of liquefied natural gas (LNG) with Russian energy giant Gazprom. The deal was signed with Gazprom Marketing and Singapore (GMTS), which at the time was a unit of Gazprom Germania, now called Sefe. The Russian parent gave up ownership of Sefe after Western sanctions were imposed on Moscow over its invasion of Ukraine last year. Sefe had stopped supplying LNG to the Indian company in June last year to meet its own demand. GAIL in the filing said it has sued "SEFE Marketing & Trading Singapore Pte Ltd (erstwhile ...

A former unit of Russian energy giant Gazprom has resumed supplying LNG to Indian state gas utility GAIL a year after it halted supplies due to the Ukraine war, GAIL chairman Sandeep Kumar Gupta said Thursday. The resumption of supplies, which came to a halt in June last year, has shored up gas availability in the country. Separately, six US companies have offered GAIL a stake in their liquefied natural gas export facility. Sefe Marketing and Trading Singapore Pte Ltd (SMTS), erstwhile Gazprom Marketing and Trading Singapore Pte Ltd supplied two liquefied natural gas (LNG) cargoes each in March and April and has committed 4 shiploads each in May and June, Gupta said. "Hopefully, similar volumes will renominated for future months also," he said. Sefe will decide on volumes on a month-to-month basis. GAIL had in 2012 signed a 20-year deal with Gazprom Marketing and Singapore (GMTS) to buy 2.85 million tonnes per annum of LNG. Supplies started in 2018 and the full volume was to reac

Its petrochem plant in UP running at 40% utilisation

The centre may neither pursue arbitration with Gazprom, the world's largest natural gas explorer, nor accept a penalty from the company after it halted supplies to GAIL in May

"There are some immediate issues which we are trying to tackle both at the company level and also at G2G (government to government) level," said GAIL Chairman Manoj Jain

A former Gazprom subsidiary reneges on its supply contract forcing the state-owned gas distributor to cut back supplies to key industries

India's renegotiated gas import deal with Russia's Gazprom will save between Rs 8,500 crore and Rs 9,500 crore over the contract period ending 2040, Oil Minister Dharmendra Pradhan said today. State-owned gas utility GAIL India Ltd had in January taken advantage of the Russian company's inability to deliver liquefied natural gas (LNG) from the previously agreed Schtokman project in the Barents Sea, to renegotiate price agreed in 2012. In a written reply in the Rajya Sabha, Pradhan said the first cargo of Russian natural gas under the long-term contract between GAIL India Ltd and Gazprom Marketing & Trading Singapore (GMTS) was received on June 4. He said: "GAIL and Gazprom successfully re-negotiated the long-term LNG Sale and Purchase Agreement reflecting the current global gas market dynamics. The renegotiated price, compared to earlier contract price, will result in saving of approximately Rs 8,500 crore (crude oil at USD 50 per barrel) or Rs 9,000 crore (crude oil at USD 60 per