On 16 January 2018
GAIL (India) and Gazprom have successfully re-negotiated the long term LNG sale and purchase agreement originally signed in the year 2012. An amendment to this effect was signed on 16 January.A long term LNG sale and purchase agreement building up to 2.5 MMTPA of LNG on DES (Discharge ex-ship) basis was executed by GAIL with Gazprom Marketing & Trading Singapore in the year 2012, the supplies under which are scheduled to start in Q2 2018.
The two parties have agreed to an adjustment to the price and volume of LNG supply thus enabling GAIL to develop incremental gas markets to offtake these volumes thereby mitigating volume risk.
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