Gazprom and GAIL signed a Liquefied Natural Gas  (LNG) Purchase and Sale Contract.

The document stipulates annual supplies of Russian LNG in the amount of 2.5 million tons for a period of 20 years. Gazprom Marketing and Trading Singapore is entrusted to discharge obligations under the Contract on behalf of Gazprom Group.

 “We consider India to be one of the most booming markets in the region. The Contract is a follow-up of Gazprom Group's consistent efforts to consolidate its positions in Asian markets,” noted Alexey Miller.

Background

Being a leading gas transmission and distribution company in India, GAIL exerts control over 95 per cent of the national gas sector infrastructure. The Indian Government holds a 57.34 per cent stake in the company.

Gazprom Marketing and Trading Singapore (GMTS) was set up in 2009. The company primarily deals with LNG sales. GMTS successfully operates in China, India, Japan, South Korea, Taiwan, Thailand and other countries.

Between 2009 and 2011 Gazprom Group supplied India with 0.65 million tons of LNG in 10 cargoes.