NOVATEK considers LNG supplies to India with payment in rupees
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The head of NOVATEK, Leonid Mikhelson, said that the company is considering deliveries to Indian suppliers with payment in national currencies. According to Mr. Michelson, this issue was discussed with the Indian Minister of Oil and Natural Gas.
“Yes,” Leonid Mikhelson said in response to a question whether NOVATEK is considering LNG supplies to India not for dollars, but for alternative currencies, such as rupees. “This was discussed with Minister Puri … We want to consider Indian suppliers – engineering is Indian. Of course, we will not equalize the balances – how much we will sell LNG and how much money we will spend, but all the same it will facilitate payment in national currencies, ”explained the head of the company, speaking at the India Energy Week conference (quote from Prime).
February 3rd Reuters citing sources, he said that NOVATEK and Indian GAIL could sign a contract on LNG supplies within a week. According to sources, the deal may be signed at India Energy Week.
The Indian company GAIL is also negotiating long-term LNG supplies with the Arab company ADNOC. After the German subsidiary of Gazprom (Gazprom Germania – now SEFE) came under the control of the German authorities, GAIL lost a significant part of its supplies. In this regard, its profit in the fourth quarter of 2022 fell by 93% year-on-year.
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