Former Gazprom unit cuts LNG supplies to India
A former Gazprom unit has defaulted on supplying contractual LNG to India, prompting rationing of gas supplies to users like fertiliser plants in the country, state-owned GAIL (India) Ltd said on Thursday.
Gazprom Marketing and Trading Singapore (GMTS), now a subsidiary of Gazprom Germania, has defaulted on supply of eight cargoes (shiploads) of liquefied natural gas (LNG) under a long-term deal, GAIL Director (Finance) R K Jain said at an investor call.
PTI had first reported on the GMTS default on July 19.
With alternative supplies costing at least three times the price of GMTS shipments, GAIL has reduced supply to users by about 10 per cent and is exploring options to advance some of the US supplies.
