AGL 6.76 Decreased By ▼ -0.04 (-0.59%)
ANL 9.35 Increased By ▲ 0.13 (1.41%)
AVN 76.80 Increased By ▲ 2.60 (3.5%)
BOP 5.38 Decreased By ▼ -0.05 (-0.92%)
CNERGY 4.93 Increased By ▲ 0.04 (0.82%)
EFERT 78.45 Increased By ▲ 0.45 (0.58%)
EPCL 55.36 Increased By ▲ 0.66 (1.21%)
FCCL 15.21 Increased By ▲ 0.28 (1.88%)
FFL 6.33 Decreased By ▼ -0.01 (-0.16%)
FLYNG 7.21 Increased By ▲ 0.09 (1.26%)
GGGL 10.45 Decreased By ▼ -0.11 (-1.04%)
GGL 16.45 Increased By ▲ 0.02 (0.12%)
GTECH 8.27 Increased By ▲ 0.06 (0.73%)
HUMNL 6.43 Increased By ▲ 0.08 (1.26%)
KEL 2.95 No Change ▼ 0.00 (0%)
LOTCHEM 28.50 Decreased By ▼ -0.10 (-0.35%)
MLCF 27.99 Increased By ▲ 0.19 (0.68%)
OGDC 75.31 Increased By ▲ 0.01 (0.01%)
PAEL 15.90 Increased By ▲ 0.10 (0.63%)
PIBTL 5.63 Increased By ▲ 0.03 (0.54%)
PRL 17.06 Decreased By ▼ -0.16 (-0.93%)
SILK 1.06 No Change ▼ 0.00 (0%)
TELE 10.54 Increased By ▲ 0.24 (2.33%)
TPL 8.04 Increased By ▲ 0.04 (0.5%)
TPLP 20.95 Increased By ▲ 0.15 (0.72%)
TREET 23.10 Increased By ▲ 0.50 (2.21%)
TRG 132.50 Increased By ▲ 3.65 (2.83%)
UNITY 22.94 Increased By ▲ 0.44 (1.96%)
WAVES 11.60 Decreased By ▼ -0.40 (-3.33%)
WTL 1.13 No Change ▼ 0.00 (0%)
BR100 4,134 Increased By 34 (0.83%)
BR30 15,703 Increased By 170.5 (1.1%)
KSE100 41,313 Increased By 184.3 (0.45%)
KSE30 15,466 Increased By 129.5 (0.84%)
Follow us

NEW DELHI: India’s largest gas transmitter GAIL is open to buying Russian oil and gas assets shunned by Western companies after Moscow’s invasion of Ukraine if the deal made commercial sense, the company’s Chairman Manoj Jain said on Friday.

European countries and the United States have imposed heavy sanctions on Russia since Moscow sent troops into Ukraine on Feb. 24. and the EU has proposed its toughest package of punishments yet, including a ban on crude oil in 6 months.

India has tried to balance its ties with Russia and the West but unlike other members of the Quad countries - the United States, Japan and Australia - it has not imposed sanctions on Russia.

Brent could push past $150/bbl if Russian oil exports shrink: Bank of America

“Why would anyone say no (to Russian assets) if it makes commercial sense,” Jain told reporters at post-earnings press conference. GAIL reported a 39% rise in quarterly profit.

GAIL is considering buying gas from challenging local fields to address surging local demand for natural gas, including striking long-term liquefied natural gas (LNG) import deals with global companies.

Jain said GAIL is scouting for a 10-year deal to annually import 1 million tonnes of LNG.

Natural gas buyers in Asia are seeking to lock in supplies via long-term contracts as a buffer against volatile global prices, in moves that will reverse the last decade’s trend of increasing spot purchases.

GAIL has a long-term gas import deal with Gazprom Marketing & Trading Singapore to buy an average 2.5 million tonnes of per year.

Under the deal Gazprom is progressively increasing supplies to GAIL, and shipped 2 million tonnes of LNG IN 2021. Supplies would rise to 2.5 million tonnes in 2022 and 2.85 million tonnes in 2023, a company official said on the sidelines of the conference.

Gazprom has informed GAIL that it was facing issues in procuring gas and has asked to reschedule a liquified natural gas (LNG) cargo, Jain said, adding that the Russian company could supply the committed volumes from its portfolio of assets.

GAIL’s imports of natural gas could increase 5-6% in this fiscal year to March 2023, Jain said, adding that he expected prices of LNG to be high for the next 12-18 months.

Asian spot LNG prices have fallen about 50% from an all-time high in December, but are up nearly three-fold from levels seen in May 2021 as prices have rallied on tight global supplies.

Comments

Comments are closed.