Ukraine warfare: After Russian flows dry up, India pays as much as double value for fuel

Home » Ukraine warfare: After Russian flows dry up, India pays as much as double value for fuel
NEW DELHI: India bought a few of the nation’s most costly liquefied pure fuel shipments ever after very important Russian deliveries had been canceled.
GAIL India Ltd purchased a number of LNG cargoes for supply between October and November at greater than double the value it paid round this time final yr. The New Delhi-based firm is struggling to switch provide from the previous buying and selling arm of Gazprom PJSC, which was nationalized by Germany earlier this yr and is paying contractual fines reasonably than delivering gas.
The worldwide surge in pure fuel costs after Russia’s invasion of Ukraine has hit price-sensitive rising nations laborious, forcing them to pay the excessive spot market charges or face blackouts and industrial shutdowns. India’s retail inflation surged in August due partly to increased gas prices.
GAIL did not instantly reply to an electronic mail looking for remark.

GAIL final week purchased three LNG shipments for October to November supply above $40 per million British thermal models, among the many most costly cargoes ever for supply to India, in accordance with merchants with data of the matter.
The corporate had received value and quantity concessions simply earlier than the 20-year contract with Gazprom’s advertising and marketing division in Singapore began in 2018. That unit was technically a part of Gazprom Germania GmbH, which was seized by Germany’s regulator in April and renamed Securing Vitality for Europe GmbH.
The brand new firm is not in a position to supply the gas from Russia’s Yamal peninsula and has stated it doesn’t have provide to ship to India. It’s paying GAIL contractual penalties for non-delivery, that are prone to be a fraction of present spot costs.

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