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Novatek Close to Gas Supply Agreement to GAIL

LNG

Russia's Novatek is close to an agreement to supply gas to India’s GAIL according to Reuters sources.

  • Negotiations are ongoing but terms could be agreed within a week. Contract volumes would depend on logistics, such as shipping and insurance.
  • Novatek is offering a long term deal for a few LNG cargoes every month on a free-on-board basis. GAIL are looking for delivery to the port with concern over shipping and insurance according to the sources.
  • A preliminary deal could be signed when Novatek Chairman Leonid Mikhelson visits India next week.
  • Earlier this week GAIL were reported to be looking for long-term gas import deals due to disruption to existing supplies according to the head of finance Rakesh Kumar Jain. LNG supplies from Gazprom Marketing and Singapore (GMTS) were halted in May impacting local gas distribution from GAIL.
  • Russia is looking for alternative buyers for gas exports as Europe has dramatically reduced imports over the last year.
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