GAIL Swaps 60% Of US LNG Volumes: Chairman Tripathi

GAIL Swaps 60% Of US LNG Volumes: Chairman Tripathi

State-owned GAIL India today said it has swapped 60 per cent of the 5.8 million tonnes per annum of liquefied natural gas (LNG) it has contracted from the US as it rejigs supply portfolio in line with domestic demand.

GAIL Chairman and Managing Director B C Tripathi said the company sold a “major chunk” of the US LNG via time swaps, destination swaps and shipping optimisation.

“In all 3.5 million tonnes of LNG has been swapped,” he told reporters after company’s shareholders meeting here.

Under the time-swap deals, the company will buy LNG from international companies this year and sell equivalent amount of Henry Hub-indexed volumes during 2018-19.

Also, it has entered into deals to take deliveries of gas from a nearer location and in exchange given its US volumes to company closer to the origin to cut shipping costs. Read More…

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