After Qatar and Australia, India has got Russia to lower price of liquefied natural gas (LNG) to be imported from May that will help save millions of dollars in import bill. State gas utility GAIL India Ltd has convinced Russia’s Gazprom to lower price of gas under a 20-year deal as well as defer delivery of some of the quantities by 3-4 years, sources privy to the development said. GAIL had in 2012 signed a 20-year deal to import 2.5 million tonnes per annum of LNG from now-cancelled Shtokman LNG in the Barents Sea. Gas under this contract was indexed to average price of customs cleared crude oil imports by Japan, called Japan Customs-cleared Crude or JCC. Deliveries were to start from second quarter of 2018. 

After Qatar and Australia, India has got Russia to lower price of liquefied natural gas (LNG) to be imported from May that will help save millions of dollars in import bill. State gas utility GAIL India Ltd has convinced Russia’s Gazprom to lower price of gas under a 20-year deal as well as defer delivery of some of the quantities by 3-4 years, sources privy to the development said. GAIL had in 2012 signed a 20-year deal to import 2.5 million tonnes per annum of LNG from now-cancelled Shtokman LNG in the Barents Sea. Gas under this contract was indexed to average price of customs cleared crude oil imports by Japan, called Japan Customs-cleared Crude or JCC. Deliveries were to start from second quarter of 2018.