AIRLINK 74.70 Decreased By ▼ -0.55 (-0.73%)
BOP 5.13 Increased By ▲ 0.02 (0.39%)
CNERGY 4.48 Decreased By ▼ -0.12 (-2.61%)
DFML 33.26 Increased By ▲ 0.73 (2.24%)
DGKC 89.50 Decreased By ▼ -0.85 (-0.94%)
FCCL 22.63 Decreased By ▼ -0.35 (-1.52%)
FFBL 32.74 Decreased By ▼ -0.83 (-2.47%)
FFL 9.89 Decreased By ▼ -0.15 (-1.49%)
GGL 10.92 Decreased By ▼ -0.13 (-1.18%)
HBL 115.00 Increased By ▲ 0.10 (0.09%)
HUBC 136.39 Decreased By ▼ -0.95 (-0.69%)
HUMNL 9.90 Increased By ▲ 0.37 (3.88%)
KEL 4.62 Decreased By ▼ -0.04 (-0.86%)
KOSM 4.73 Increased By ▲ 0.03 (0.64%)
MLCF 39.82 Decreased By ▼ -0.72 (-1.78%)
OGDC 139.90 Increased By ▲ 0.15 (0.11%)
PAEL 27.23 Decreased By ▼ -0.42 (-1.52%)
PIAA 24.90 Increased By ▲ 0.50 (2.05%)
PIBTL 6.77 Decreased By ▼ -0.15 (-2.17%)
PPL 123.60 Decreased By ▼ -1.70 (-1.36%)
PRL 27.16 Decreased By ▼ -0.39 (-1.42%)
PTC 14.05 Decreased By ▼ -0.10 (-0.71%)
SEARL 59.15 Decreased By ▼ -2.70 (-4.37%)
SNGP 71.80 Decreased By ▼ -1.18 (-1.62%)
SSGC 10.46 Decreased By ▼ -0.13 (-1.23%)
TELE 8.69 Decreased By ▼ -0.09 (-1.03%)
TPLP 11.52 Decreased By ▼ -0.21 (-1.79%)
TRG 65.50 Decreased By ▼ -1.10 (-1.65%)
UNITY 25.76 Increased By ▲ 0.61 (2.43%)
WTL 1.40 Decreased By ▼ -0.04 (-2.78%)
BR100 7,820 Increased By 17.2 (0.22%)
BR30 25,621 Decreased By -194.7 (-0.75%)
KSE100 74,693 Increased By 161.6 (0.22%)
KSE30 24,063 Increased By 109 (0.46%)

NEW DELHI: GAIL (India) Ltd is scouting for long-term gas import deals and hopes to sign one contract shortly to make up for disrupted supplies from a former unit of Russian energy giant Gazprom, its head of finance said on Monday.

India’s largest gas distributor reported a 93% decline in its December quarter net profit as it transmitted less gas locally due to a reduction in liquefied natural gas (LNG) supply from a deal with Gazprom Marketing and Singapore (GMTS).

GAIL is in talks with Abu Dhabi National Oil Co (ADNOC) and many other parties to source gas. “Probably we will get a better deal,” Rakesh Kumar Jain told an analyst call.

“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.

Russia’s oil output, exports hold up in early 2023

GAIL agreed a 20-year deal with GMTS in 2012 to buy an annual average of 2.5 million tonnes of LNG.

At the time, GMTS was a unit of Gazprom Germania, now called Sefe, but the Russian parent gave up ownership of Sefe after Western sanctions over Russia’s invasion of Ukraine. Sefe has halted supply to GAIL since May.

Jain said GAIL was seeking more gas import deals primarily to meet local demand and a resumption of supplies under the Gazprom contract would give his company the flexibility “to able to play more in the international markets”.

The state-run company has been trading some of the LNG bought on a free-on-board basis under its long-term deals from the United States in global markets.

Jain said in 2023 GAIL would bring in eight extra LNG cargoes from its U.S. portfolio, which were previously sold to a global customer. “We get 90 cargoes from the USA and we intend to bring all of them to India,” Jain said.

Comments

Comments are closed.