GAIL files $1.8 bn arbitration claims against SEFE Marketing in London
GAIL (India) Ltd has filed claims worth $1.8 billion or Rs 15,000 crore against SEFE Marketing & Trading Singapore in the London Court of International Arbitration, according to an exchange filing by the company. The litigation is related to the non-supply of LNG cargoes to GAIL under a long-term contract, the company said on Friday.
The quantum of claims is up to $1.8 billion and alternative reliefs include non-monetary reliefs, the filing said.
SEFE Marketing and Trading Singapore, formerly known as Gazprom Marketing and Trading Singapore, had signed an agreement with GAIL to supply 2.5 million tonne of liquefied natural gas per annum for 20 years starting FY19. However, post the outbreak of Russia-Ukraine war, the long-term gas contract was disrupted in May 2022.
