Gazprom

Former Gazprom unit rejects GAIL demand for compensation of $1.8 billion

A former unit of Russian energy giant Gazprom has rejected state-owned GAIL (India) Ltd's demand for compensation for non-delivery of LNG supplies in the aftermath of Russia's invasion of Ukraine. In a stock exchange filing, GAIL said SEFE Marketing Trading Singapore Pte Ltd has stated that it does not owe anything other than the defaulted cargoes. GAIL in December last year filed an arbitration claim before the London Court of International Arbitration seeking USD 1.8 billion for "non-supply of LNG cargoes under a long-term contract.. This included compensation for non-supply besides making up for the defaulted volumes. 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

Gazprom buys former Shell stake in Sakhalin Energy for $1 billion

Sakhalin Project is fully owned by Gazprom, company filings showed

GAIL seeks $1.8 bn from former Gazprom unit for non-delivery of LNG

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 ...

Russia's Gazprombank deepens ties with Indian banks for bilateral trade

Trade between India and Russia has surged since the West imposed sanctions against Russia for its invasion last year of Ukraine, which has altered flows of oil and other goods

Global gas demand expected to decline by 65 bn cubic metre in 2022: Gazprom

According to preliminary long-term forecasts, global gas consumption would grow by 20% over the next 20 years

Top Headlines: PM Modi cautions against Covid, GAIL's LNG hunt, and more

Business Standard brings you the top headlines at this hour

Russia's Gazprom turns off tap, GAIL's hunt for LNG may continue for a year

Its petrochem plant in UP running at 40% utilisation

Russia's Gazprom threatens to cut gas supplies to Europe via Ukraine

Russian energy giant Gazprom has threatened to reduce natural gas supplies through the last pipeline heading to Europe via Ukraine, saying the amount it's supplying for Moldova is not ending up in the former Soviet republic. Gazprom says the gas company of Europe's poorest country, Moldovagaz, paid for part of its November flows of gas under its contract. It added that nearly 25 million cubic metres has been supplied this month but not paid for. The Russian state-owned company tweeted that if the imbalance observed during the transit of gas to the Moldovan consumers across Ukraine continues, Gazprom will start reducing its gas supplies" through Ukraine starting Monday. Both Moldova and Ukraine hit back at Gazprom, with Ukraine saying all supplies that Russia sent through the country were fully transferred" to Moldova. This is not the first time that Russia resorts to using gas as a tool of political pressure. This is a gross manipulation of facts in order to justify the decision to

Russia, Iran set to ink massive energy deal to offset Western sanctions

In early October, Russia's Deputy Prime Minister had announced that Moscow and Tehran may agree to a swap of 5 MT of oil and 10 billion cubic metres of gas, to be completed by the end of the year

GAIL Q2 net falls 46% as Russian gas supply snag hurts petchem business

State-owned gas utility GAIL (India) Ltd on Thursday reported a 46 per cent drop in its September quarter net profit as it slashed petrochemical output after a former unit of Russian energy giant Gazprom stopped gas supplies. Net profit stood at Rs 1,537.07 crore in July-September compared with Rs 2,862.95 crore profit in the same period a year back, according to a stock exchange filing of the company. The profit for the firm that transports and sells natural gas to users like fertiliser plants and CNG retailers was sequentially down 47.2 per cent from Rs 2,915.19 crore profit in the April-June quarter. GAIL's mainstay natural gas marketing business saw revenues doubled but profitability declined 66 per cent as higher gas prices, resulting from a global surge in energy rates following Russia's invasion of Ukraine, hurt margins. It posted a pre-tax loss of Rs 346.22 crore in the petrochemical business in Q2 as compared to a pre-tax profit of Rs 363.29 crore a year back and Rs 35.16

India reaches out to US, Iraq for LNG after Gazprom reduces supply: Report

The decision comes as LNG supplies from Russia's Gazprom have been declining since the start of the Russia-Ukraine war

Gas leaks from Russian pipelines to Europe raise sabotage fears: Report

But it remained far from clear who might be behind any foul play, if proven, on the Nord Stream pipelines that Russia with European partners spent billions of dollars building.

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

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

Gazprom Singapore pays meagre penalty for defaulted LNG deliveries to India

A former unit of Russia's Gazprom is paying a 'meagre' penalty for the liquefied natural gas (LNG) cargoes it had failed to deliver to India since early June to absolve itself of all contractual liabilities, a top government official said. Gazprom Marketing and Trading Singapore (GMTS), under a long-term 20-year contract, was to supply 2.5 million tonne of LNG to state-owned GAIL (India) Ltd this year. But it has not supplied any cargo or shipload of LNG since early June. "The contract provides for a penalty of 20 per cent of the agreed price in case of a default by the supplier. GMTS is paying that penalty to absolve itself of all contractual liabilities," the official, who wished not to be identified, said. The price of LNG under the long-term contract comes to USD 12-14 per million British thermal unit and GMTS is paying 20 per cent of this for the default, he said. "LNG in spot market is being sold at triple the long-term price and so anyone would be happy to pay the meagre ...

Putin says Russia to stop supplying energy if Western price caps imposed

Speaking at an economic forum in Vladivostok, Putin said European calls for a price cap on Russian gas were 'stupid', and would lead to higher global prices and economic problems in Europe

'Ask Siemens Energy', says Gazprom on resumption of Nord Stream 1

Gazprom on Friday said the Nord Stream 1 pipeline, Europe's major supply route, would remain shut as a turbine at a compressor station had an engine oil leak, sending wholesale gas prices soaring.

Russia blames Europe for gas crisis, warns West of oil retaliation

Europe to blame for Nord Stream 1 shutdown, says Kermlin and warns of retaliation over G7 oil price cap; European gas prices rocket 30%, shares fall

Global stocks sink as Europe faces new squeeze on Russian gas supply

Global stock markets sank Monday as Europe faced a new squeeze on Russian gas supplies. London and Frankfurt opened lower. Tokyo, Hong Kong and South Korea fell while Shanghai gained. Oil prices rose more than USD 2 per barrel while the euro edged lower. Markets were roiled by Russian energy giant Gazprom's announcement Friday that a suspension of gas supplies through the Nord Stream 1 pipeline would be extended indefinitely. That adds to shortages in Germany and other economies. In early trading, the FTSE 100 in London lost 1.1% to 7,198.73 and the DAX in Frankfurt tumbled 3.2% to 12,628.44., The CAC 40 in France fell 2% to 6,047.28. Gazprom's announcement puts European stocks under heavy pressure, said Chris Turner of ING in a report. Also Friday, U.S. government data showed hiring slowed in August but wages rose sharply. Forecasters said the Federal Reserve might see that as evidence more interest rate hikes are needed to bring down inflation that is at a four-decade high. Mar

Hardeep Puri to lead delegation to global LNG meet in Milan on Monday

Gastech 2022 is the 50th edition of the largest global gathering focused on Liquified Natural Gas as a bridge fuel

Gazprom postpones reopening of key gas pipeline Nord Stream to Europe

It's a massive blow to Europe, which is scrambling to cut its dependency on Russian gas before winter and has been waiting for Moscow's next steps in the energy war