GAIL (India) has also signed contracts for sourcing up to 5.8 million tonnes of LNG from the US. Photo: Pradeep Gaur/MintNew Delhi: Gas utility GAIL (India) Ltd has renegotiated the terms of a long-term liquefied natural gas (LNG) purchase deal with Russia’s Gazprom PJSC, the Indian company said on Tuesday, in third such negotiation by India to make the imported fuel affordable to its price-sensitive customers. GAIL signed the deal with Gazprom Marketing & Trading Singapore in 2012 to buy 2.5 million tonnes of LNG per year for 20 years on a delivered basis. “The two parties have agreed to an adjustment to the price and the volume of LNG supply, thus enabling GAIL to develop incremental gas markets to offtake these volumes, thereby mitigating volume risk,” GAIL said. The company has also signed contracts for sourcing up to 5.8 million tonnes of LNG from the US.

Source: Mint January 16, 2018 12:56 UTC