Govt holding bilateral talks over Gazprom-GAIL issue, won't seek penalty

The central government is bilaterally dealing with the failure of Russia's Gazprom deal with the state-run Gas Authority of India Limited (GAIL) (India) to supply liquefied natural gas (LNG), reported Livemint quoting officials aware of the development. 

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, the officials told Livemint. The government officials added that bilateral efforts are underway to resolve the vexed issue. 

Gazprom’s former subsidiary, Gazprom Marketing and Trading Singapore (GMTS) signed an agreement with GAIL to supply