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New LNG deal between GAIL and Gazprom

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LNG Industry,

Reuters is reporting that GAIL (India) has renegotiated its long term LNG purchase deal with Gazprom.

India has been leveraging its position as one of the biggest energy consumers to strike better bargains for its companies. Indeed, in the past it has renegotiated LNG deals with Qatar’s RasGas and Exxon Mobil Corp.

The original deal to buy 2.5 million tpy of LNG for 20 years on a delivered basis was signed in 2012, and the supplies are scheduled to start in Q2 of 2018.

Gail are reported to have announced: “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.”

“This is a step for GAIL to diversify its LNG portfolio by spreading price reference indexes across multiple geographies, so as to provide consumers a greater flexibility in service,” stated Chairman B.C. Tripathi.

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