MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Gail Taking Legal Action Over Missed SEFE LNG Supplies

LNG

India’s Gail will take legal action against Gazprom's subsidiary SEFE for losses incurred because of failed LNG supplies from June 2022-February 2023 according to Gail chairman Sandeep Kumar Gupta on 19 May.

  • "They had alleged force majeure which we did not accept, considering it was a portfolio contract and they should have supplied it from other geographies when there was an issue with Russian gas," he said.
  • Gail is set to receive four LNG cargoes in May and June from SEFE priced at 13$/mmbtu, having received four cargoes in March-April when supplies resumed. Gail expects supplies from SEFE to continue over the coming months as part of 20-year term LNG deals signed in 2012 for an average of 2.5m t/yr.
  • Gail is separately seeking an LNG cargo for mid June delivery and is also looking to swap up to one cargo a month in 2024 from its US offtake position.
  • Spot demand in south Asian countries has been boosted this year by falling gas prices but India is looking for long-term gas supply deals to reduce the impact of spot price volatility and to support the government’s plans to boost natural gas use.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.