India wants Russian LNG Reuters

New Delhi seeks long-term contracts to ensure energy security

Novatek, Russia’s largest liquefied natural gas (LNG) producer, is poised to strike a deal with India’s main gas distributor GAIL for long-term supply, Reuters reported Friday, citing industry sources. rice field.

A preliminary agreement could be signed this week, when Novatec chairman Leonid Mickelson is in India for an energy conference, people familiar with the matter told the media on condition of anonymity. Told.

The news comes as GAIL struggles to recover from a 93% drop in profits in the three months to December compared to a year ago as a result of supply disruptions at the former division of Russian energy giant Gazprom. brought to you when you are

GAIL had a 20-year deal with Gazprom Marketing and Trading Singapore (GMTS), a former unit of Berlin-based Gazprom Germania. Last year, German authorities bought a Gazprom subsidiary (now called Sefe) without paying any compensation as part of sanctions against Russia.

Indian utilities have had to rely on gas distribution, cutting output at petrochemical plants after supply under contract with GMTS failed.

READ MORE: Should India and Russia Build Oil Tankers? Diplomat

Novatek and GAIL are currently negotiating terms and need to determine supply quantities depending on insurance and delivery.

GAIL Executive Director A Kaviraj said:

According to Reuters, Novatek is providing monthly LNG supplies to GAIL under a long-term, free-of-shipment contract.

However, with Western sanctions reluctance of insurers to offer transportation services for Russian energy cargo, the Indian company has asked Novatec to ensure the shipment of the cargo to Indian ports and cover insurance and freight costs. I am asking you to bear the cost of

India is keen to expand energy cooperation with Russia as a means of enhancing energy security. New Delhi has been Russia’s largest oil consumer for months, importing her record 1.17 million barrels per day in December.

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( India wants Russian LNG Reuters

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