Russia Default on LNG Supply to India

Russia Default on LNG Supply to India

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Russia has failed in a supply of at least 5 cargo or cargo of LNG ships to India after his retaliation sanctions hit one of the companies that supply gas to India, said the source.

The largest gas company in India Gail has a long -term agreement to import 2.85 million tons of liquid natural gas (LNG) per year from Singapore -based Russian gas producer unit, Gazprom.

The company since June failed in the supply of 5 cargo lngs under a contract that quoted difficulties in acids ..

While the contract provides to form a volume that is not provided later, Russian companies so far or show how and when it will redeem the lost volume.Source said Gazprom had told Gail NSE -2.67 % that they would be from Heeon Supply LNG based on the best efforts.

Gail is now looking for alternatives including binding inventory from other sources in the US and the Middle East.

Moscow in recent months imposed sanctions on 31 companies, including the owner of the Polish section of the Yamal pipe that brought Russian gas to Europe, as well as former German unit Gazprom.

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