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Gazprom to start LNG supplies to India’s Gail in 2018

January 16, 17:15 UTC+3 MOSCOW

The two parties have agreed to an adjustment to the price and volume of LNG supply

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MOSCOW, January 16. /TASS/. Gazprom Marketing & Trading, a selling arm of Russian gas holding Gazprom, and India’s state-owned oil and gas company Gail confirmed the starting time of liquefied natural gas (LNG) deliveries to India in 2018, the Indian company said on Tuesday.

"The 20 year LNG supply deal will commence in 2018 as originally agreed in 2012," Gail said.

"I am excited to announce that we agreed to deliver on our original promise and begin LNG supplies in 2018. We look forward to strengthening a mutually beneficial partnership with Gail going forward," Vitaly Vasiliev, CEO of Gazprom Marketing & Trading, said in a comment.

It was reported earlier, in October 2012 Gazprom and Gail signed the sale and purchase agreement for supply of 2.5 mln tonnes of LNG per year to the Indian company during 20 years. The contract was later extended to 25 years.

"The two parties have agreed to an adjustment to the price and volume of LNG supply thus enabling Gail to develop incremental gas markets to offtake these volumes thereby mitigating volume risk," Gazprom Marketing & Trading said. Deliveries will start in the second quarter of 2018, the company reported.

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