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As the share of natural gas in India's energy mix will increase from the current 6.
5% to 15% in the next five years, in order to meet the growing domestic demand for natural gas, India's state-owned gas utility giant Gail intends to nearly double its liquefied natural gas (LNG) imports from 50 cargoes to 100 cargoes in the previous fiscal year
, in the current fiscal year ending in March 2019.
Under long-term contracts, Gale will import 60 LNG cargoes from the United States, eight from Gazprom and buy the remaining 32 LNG cargoes
under short-term agreements, officials said Thursday.
Terry Patti, chairman of Gale, said after the release of the company's annual results that Gale's focus is on capturing a larger share of LNG from the short-term market and benefiting from greater destination, volume and delivery flexibility in order to hedge more effectively against price volatility
.
Tripati added that as the global LNG market shifts from long-term trading to short-term and spot trading, new long-term contracts will not be a
priority.
Gayle will receive the first LNG cargoes
under the renegotiated agreement with Gazprom on June 4.
As the share of natural gas in India's energy mix will increase from the current 6.
5% to 15% in the next five years, in order to meet the growing domestic demand for natural gas, India's state-owned gas utility giant Gail intends to nearly double its liquefied natural gas (LNG) imports from 50 cargoes to 100 cargoes in the previous fiscal year
, in the current fiscal year ending in March 2019.
Under long-term contracts, Gale will import 60 LNG cargoes from the United States, eight from Gazprom and buy the remaining 32 LNG cargoes
under short-term agreements, officials said Thursday.
Terry Patti, chairman of Gale, said after the release of the company's annual results that Gale's focus is on capturing a larger share of LNG from the short-term market and benefiting from greater destination, volume and delivery flexibility in order to hedge more effectively against price volatility
.
Tripati added that as the global LNG market shifts from long-term trading to short-term and spot trading, new long-term contracts will not be a
priority.
Gayle will receive the first LNG cargoes
under the renegotiated agreement with Gazprom on June 4.
