The Economic Times: Indian GAIL India is in talks with Gazprom on gas imports
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Indian state energy company GAIL India is negotiating with Gazprom on gas supplies to the country, writes an Indian The Economic Times (ET) citing own sources. According to the newspaper, Gazprom has most likely offered GAIL to buy gas from Singapore-registered company Gazprom Marketing and Trading Singapore, negotiations are at an early stage. It is assumed that the Indian company will pay for gas supplies in euros.
In 2022, the Singaporean company must supply 2.5 million tons of gas to GAIL in accordance with a long-term contract. Gazprom has already missed five scheduled LNG deliveries to India. India and Russia are reportedly working to create joint payment platforms and are also preparing to recognize each other’s payment services Mir and RuPay.
As ET notes, prices for such gas imports to India may be lower than global prices, as Russia has excess gas after cutting supplies to Europe. “India will benefit from lower gas prices if we buy LNG (liquefied natural gas) from Russia. Gazprom and GAIL are negotiating to outline general outlines, such as making payments for deliveries from Singapore,” Asif Iqbal, head of the Indian Trade and Economic Organization, comments on the deal. In his opinion, this should help control gas prices in India. ET quotes a source who spoke to US diplomats on the matter: “The US now wants us to buy fuel from Russia at lower prices than what China buys from them.”
Gazprom and GAIL did not comment on ET’s information.
About why the energy shortage in India can lead to an increase in coal imports from the Russian Federation – in the publication “Kommersant” “India is looking for coal”.
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