Report: Indias GAIL to buy 500,000 tns of LNG from Gazprom 1819 - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Report: Indias GAIL to buy 500,000 tns of LNG from Gazprom 1819

NEW DELHI, Apr 12 (PRIME) -- Indias state-owned gas supplier and developer GAIL plans to buy 500,000 tonnes, or eight cargoes of liquefied natural gas (LNG) from Russias Gazprom in 20182019, Reuters reported on Thursday, citing CEO Shri Tripathi.

The cargoes will start coming from May, Tripathi told Reuters.

GAIL renegotiated the terms of a long-term 2.5 million tonnes per annum (mtpa) LNG purchase deal with Russias Gazprom in January.

This was the third such renegotiation by India with LNG suppliers to make the imported fuel more affordable, using its position as one of the worlds biggest energy consumers to strike better bargains for its companies.

India has also renegotiated long-term LNG deals with Qatars RasGas and Exxon Mobil Corp as spot prices declined substantially amid a supply glut that turned trading of the seaborne gas into a buyers market.

GAIL is planning to get as much as 5 million tonnes of LNG from the U.S. 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.

The much-delayed Kochi-Mangalore natural gas pipeline, which can open up a substantial latent demand in South India, will be ready by November, he said.

The pipeline will connect Petronet LNGs 5 million-tonne-per-year regasification terminal at Kochi in southern India to demand centers in and around Mangalore, including a refinery run by Bharat Petroleum Corp Ltd and Managalore Refinery and Petrochemicals Ltd and fertilizer plants.

GAIL is also working on implementing a national gas grid that is aimed at connecting the under-served eastern part of the country to the rest of the nation.

We are trying to implement a large portion of the gas grid by 20222023. The 4,000 kilometers which GAIL is implementing today should be ready by December 2022, Tripathi said.

End

12.04.2018 13:26
 
 
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