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.
- 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
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.
- GAIL is scouting for a 10-year deal to annually import 1 million tonnes of LNG
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.