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Indian GAIL open to buy Russian oil & gas assets left by Western companies: Chairman

Russia recently became India's fourth-largest oil supplier as the subcontinent rushed to buy discount Russian crude shunned by Europe and the U.S

Indian GAIL open to buy Russian oil & gas assets left by Western companies: Chairman

New Delhi, May 30 - Neftegaz.RU.State-owned GAIL said it is open to buying Russian oil & gas assets, shunned by Western companies following Russia’s invasion of Ukraine.

While announcing the 4th quarter result, Manoj Jain, chairman of GAIL, said India’s largest gas transmitter can’t be anything if it is not making any business and nobody can stop it from doing business anywhere.
He noted:
  • GAIL is open to do business anywhere in the world, including Russia
  • Why would anyone say no to Russian assets if it makes commercial sense
European countries led by the US have imposed heavy sanctions on Russia since it started a military operation on Ukraine.
These countries are also pressuring India not to purchase oil & gas from Russia.
However, many European oil companies are still dealing with Russian energy companies.

Manoj Jain also said that GAIL’s imports of natural gas could increase 5-6% in this fiscal year to March 2023.
Subsequently, the prices of LNG are expected to be high for the next 12-18 months.
He said:
  • GAIL is scouting for a 10-year deal to annually import 1 million tonnes of LNG
India’s LNG importers are purchasing extra volumes from Russia at a discount as most other spot buyers shun the fuel.

Russia recently became India's fourth-largest oil supplier as the subcontinent rushed to buy discount Russian crude shunned by Europe and the U.S
Indian state oil firms have invested $5.46 billion in buying stakes in 4 different assets in Russia.
These include a 49.9 % stake in Vankorneft oil & gas field and another 29.9 % in TAAS-Yuryakh Neftegazodobycha fields.

Source : Neftegaz.RU


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