Gazprom Finalizes Long-Term LNG Supply Deal with GAIL Limited
LONDON, October 5, 2012 -- On October 1, 2012, Gazprom announced that the Russian energy company had signed a landmark deal to supply liquefied natural gas (LNG) to GAIL (India) Limited. This marks the first long-term sale of LNG by Gazprom -- through its subsidiary Gazprom Marketing and Trading Singapore (GMTS) -- into the Indian market.
Baker Botts’ London and Hong Kong offices advised on the LNG sale and purchase agreement that included challenging negotiations in London, Singapore, New Delhi and Moscow.
GAIL will receive an annual volume of 2.5 million tonnes of LNG, sourced from Gazprom’s production facilities and global trading portfolio. The gas will be delivered to Indian LNG import terminals at Dahej, Dabhol and Kochi.
“We are delighted to have assisted Gazprom to conclude a strategically important deal, being its first long-term sale of LNG into the Indian market,” said Mark Rowley, the London-based partner for Baker Botts who led the deal. “We enjoyed a very close working relationship with an excellent Gazprom team. It was extremely satisfying to use our LNG expertise, and international experience, to assist our client in achieving a good result.”
Gazprom and GAIL plan to explore further LNG opportunities in India.
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