16 Feb 2024 , 03:49 PM
GAIL (India) seeks competitive pricing for LNG in response to India’s price-sensitive consumers. Emphasis on affordable gas pricing to prevent consumers from shifting to alternative fuels.
Recently finalized two long-term LNG import deals with UAE’s ADNOC Gas and Vitol. Affordability identified as a critical factor influencing the Indian market’s fuel choice. Aligning with the government’s plan, LNG deals aim to increase natural gas share in India’s energy basket.
Director (Marketing) underscores the importance of the seller’s history in LNG deals. Disruption in LNG supplies from Russia’s Gazprom in 2022 led to GAIL’s supply cuts and costly short-term market purchases.
Arbitration was initiated against Gazprom, seeking a resolution for the LNG supply suspension. Dependency on gas imports underscores the need to boost domestic production to handle geopolitical developments.
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