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GAIL Close to Securing Qatar LNG Purchase Deal

LNG

India’s GAIL is close to signing a long-term LNG import deal with Qatar for 1-1.5m Mtpa for more than 20 years, sources told Reuters.

  • The deal would help GAIL to lock in new supply contracts to diversify gas imports and hedge against supply disruptions.
  • GAIL plans to buy an additional 7-8m mt of LNG by 2030 but wants to avoid relying on one country for more than 1-2m mt to minimize risk of disruption, its head of finance Rakesh Jain said.
  • India’s Petronet is also seeking to extend its long-term LNG supply contract with Qatar, but at a lower price than currently agreed.
  • A deal with GAIL would strengthen prospects for the renewal of Petronet's deal, according to a Reuters’ source, adding India's target is to sign the two deals by end-September.
  • Qatar is seeking to sign record volumes of LNG contracts this year to capitalize on the move away from reliance on Russian volumes.
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