Surge in natural gas imports by Europe hits India’s supplies

It’s getting harder for Indian importers to source natural gas from international markets as Europe is drawing away much of the global supply to its shores ahead of winter amid Russian supply cuts.

IndianOil’s tender for a spot liquefied natural gas (LNG) cargo received no bids recently, according to people familiar with the matter. Even LNG contracted under long-term deals is no longer secure as Russia’s Gazprom has suspended supplies to GAIL, they said. This has resulted in GAIL NSE -2.65 % reducing gas supplies to industries, including fertiliser, power and petrochemical plants, the people cited above said. Supplies for use in CNG vehicles and homes are being maintained. But the industrial segments served by city gas companies are getting affected, they said.