MNI China Daily Summary: Wednesday, April 17

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CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

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US MBA: REFIS +0.5% SA; PURCH INDEX +5% SA THRU APRIL 12 WK

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MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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GAIL Seeks Long Term LNG Supply Deals

LNG

India's gas distributor GAIL is seeking long-term gas import deals due to disruption to existing supplies according to the head of finance Rakesh Kumar Jain.

  • The company is in supply talks with many counterparties, including ADNOC, and hopes to sign one contract shortly.
  • LNG supplies from Gazprom Marketing and Singapore (GMTS) were halted in May impacting local gas distribution from GAIL.
  • GAIL has an existing 20 year deal with GMTS from 2012 to buy 2.5mtpa of LNG.
  • "The Indian economy is needing more and more gas. Even if GMTS had not happened, we were in the market for sourcing gas. Yes, but GMTS circumstances have forced us more," he said.
  • More gas import agreements would help to meet local demand and give flexibility "to be able to play more in the international markets".
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