Monday 1 October 2012

Gazprom signs 20 year gas deal with India

Russian energy firm Gazprom said today it will supply gas to India for 20 years after signing a deal with the country’s largest gas distributor, GAIL.

Gazprom will hand 2.5million tonnes of liquefied natural gas (LNG) a year to the Indian firm in a deal which reaffirms the trade relationship between the two countries, said GAIL.

B. C. Tripathi, Chairman and Managing Director of GAIL India said: “This long-term LNG supply agreement with Gazprom, which holds the world’s largest gas reserves, is another milestone in Indian–Russian Energy Cooperation.”

Vitaly Vasiliev, CEO of Gazprom Marketing & Trading added: “We are looking forward to working together with GAIL to help meet India’s expanding gas demand whilst securing a long-term market for Russian gas."