Indian company Gail filed a lawsuit against Gazprom’s subsidiary for $1.8 billion
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India’s largest gas company GAIL Ltd. filed a lawsuit against the former Gazprom division SEFE Marketing & Trading Singapore. The company demands compensation for the interruption of gas supplies in the amount of $1.8 billion.
Gail filed a claim at the London Court of International Arbitration. In 2012, the Indian company signed an agreement with Gazprom to supply up to 2.85 million tons of gas annually for 20 years. After the outbreak of hostilities on the territory of Ukraine, the contract was terminated, and the Gazprom subsidiary came under German control.
“The force majeure declared by the supplier was not in accordance with the contract,” said Gail managing director Sandir Kumar Gupta (quoted by BQ Prime).
In June 2023, the Russian government allowed NOVATEK to supply gas to Gail in the amount of 2.9 million tons per year. The contract is concluded until 2041.
Read more in the Kommersant article. “Yamal LNG will reach India”.
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