• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 23 mins Oil prices going down
  • 10 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 10 hours Two Koreas Agree To March Together At Asian Games
  • 2 hours When will oil demand start declining due to EVs?
  • 9 hours Oil and Trade War
  • 2 hours Correlation Between Oil Sweet Spots and Real Estate Hot Spots
  • 2 hours Sell out now or hold on?
  • 49 mins Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 25 mins What If Canada Had Wind and Not Oilsands?
  • 17 mins Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 1 hour venezuala oil crisis
  • 5 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 10 hours Geopolitical and Political Risks make their strong comeback to global oil and gas markets
  • 14 hours Australia mulls LNG import
  • 3 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 7 hours Trump Renews Attack On OPEC Ahead Of Group's Production Meeting
Europe Is Awash With Oil Stored On Ships

Europe Is Awash With Oil Stored On Ships

Bullish sentiment in markets makes…

Did OPEC Need To Cut Oil Output At All?

Did OPEC Need To Cut Oil Output At All?

Global oil demand continues to…

India Imports Its First LNG From Russia

LNG carrier

India received on Monday its first liquefied natural gas (LNG) cargo from Russia under a long-term supply contract with Gazprom, in a move that Indian Oil Minister Dharmendra Pradhan described as a “historic milestone in India-Russia energy ties” that would diversify India’s energy sources.

GAIL (India) Limited is the first Indian public-sector company to source LNG from Russia on a long-term contract basis, the Indian company said, adding that it has a deal to import LNG from Gazprom Marketing & Trading Singapore (GMTS).

This is GAIL’s third long-term supply contract for this year, and the LNG sourced will be used to develop the natural gas market in India and increase the contribution of natural gas to 15 percent of India’s energy mix, India’s minister Pradhan said.

GAIL (India), the state-held company that received Gazprom’s LNG cargo, also has a 20-year Sale and Purchase Agreement with U.S. Cheniere Energy and a 20-year take-or-pay contract with the Dominion Energy Cove Point (DECP) terminal in Cove Point, Maryland, which entered commercial service in April.

So far, India has imported LNG from Qatar, Australia, and the United States, and it is now adding Russian LNG supply as it aims to become a “gas-based economy.”

Two years ago, Qatar was India’s only LNG supplier.

Related: Could China Save The U.S. Coal Industry?

“LNG imports from Russia will go a long way in mitigating the risks arising out of geo-political disruptions. I am hopeful the new arrangement will usher in price stability & energy security for India and also lead our transformation towards a gas based economy,” minister Pradhan said today.

As part of its plan to use more gas in its energy mix, India looks to boost its LNG import capacity more than three times to 70 million tons annually. The government plans to build 11 new LNG import terminals, on top of the four operating terminals, over the next seven years—and more afterwards.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News