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Money News

GAIL to start importing LNG under Gazprom deal from May

NEW DELHI (Reuters) - GAIL (India) to begin getting liquefied natural gas (LNG) under reworked deal with Gazprom from May, India’s oil minister Dharmendra Pradhan told lawmakers on Wednesday.

GAIL signed a 2.5 million tonnes a year LNG import deal with Gazprom in 2012

Supplies under the reworked deal will be gradually ramped up and likely to reach full volumes in 5-6 years, Pradhan said.

GAIL and Gazprom in January renegotiated the gas purchase deal including pricing.

Reporting by Nidhi Verma; Editing by Mark Potter

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