Russian gas supply hit pushes GAIL Ltd to scout for long-term LNG

GAIL (India) Ltd is scouting for long-term gas import deals and hopes to sign one contract shortly to make up for disrupted supplies from a former unit of Russian energy giant Gazprom, its head of finance said on Monday. India’s largest gas distributor reported a 93% decline in its December quarter net profit as it transmitted less gas locally due to a reduction in liquefied natural gas (LNG) supply from a deal with Gazprom Marketing and Singapore (GMTS). GAIL is in talks with Abu Dhabi National Oil Co (ADNOC) and many other parties to source gas. “Probably we will get a better deal,” Rakesh Kumar Jain told an analyst call.