- Reuters•5 hours ago
NEW DELHI/MILAN/LONDON, July 25 (Reuters) - GAIL India Ltd is in talks with Russia's Gazprom to delay and renegotiate a 20-year gas purchase deal undercut by low spot prices, sources familiar with the matter say, as weak demand at home forces it to stall some contracted supply. Shipments under the deal, initially expected to start in 2018/2019, are linked to crude oil prices which are rising while gas prices are expected to stay subdued for longer as major new production plants in Australia and the United States start up. The price mismatch is injecting tensions into long-term LNG agreements, driving a wedge between buyers and sellers such as GAIL and Gazprom's Marketing & Trading, industry sources say.
- Reuters•last month
Energy-hungry India has restarted talks on a liquefied natural gas (LNG) purchasing alliance with Japan and South Korea and may also include China as Asian demand for the fuel grows. "For the next two to three decades, gas is going to be a major part of the energy basket for Asian energy consumers," Dharmendra Pradhan, Indian minister of petroleum and natural gas told reporters in Mumbai on Tuesday. "We want to bring together the countries and form a network which can together source reasonable, rational and affordable LNG," he said, adding that talks with Japan and South Korea have begun and China may also come onboard as a partner.
GAIL (India) LimitedNSE
|52wk Range||260.05 - 402.80|
|Day's Range||394.20 - 397.65|
|Avg Vol (3m)||1,538,751|
As of 12:38 AM EDT. NSE Delayed Price. Market open.