GAIL renegotiates long-term LNG purchase deal with Russia's Gazprom

The deal signed in 2012 is a 20-year LNG sales and purchase agreement following the signing of an earlier basic framework agreement (BFA) by the two companies in May 2011

State-run Gail (India) Ltd has renegotiated the clauses of a long-term liquefied natural gas (LNG) purchase deal with Russia’s Gazprom, through which the global major has now agreed to an adjustment to the price and volume of gas supply. The supply of fuel by Gazprom is expected to start after April this year.

This is likely to help India bring imported LNG at an affordable price. In a statement on Tuesday, GAIL said that an amendment to the contract was signed between the two companies on Tuesday. A long-term sale and purchase agreement building up to 2.5 million tonne per annum