INDIA RAMPS UP RUSSIAN LNG PURCHASES AS OTHERS SHUN FUEL: PRESS
India has expanded purchases of Russian spot LNG supplies at a discount as many other buyers have shunned the fuel, Bloomberg reported on May 9, citing traders.
Companies including Gujarat State Petroleum Corp and GAIL India have bought several LNG spot cargoes from Russia at prices below the prevailing market rates, Bloomberg said. India receives nearly three-quarters of its LNG under long-term contracts, but a heat wave and a series of blackouts have led its LNG importers to ramp up spot purchases.
International sanctions have not been applied to Russian LNG, although major markets for gas including Japan and South Korea have nevertheless halted spot purchases, to avoid incurring future penalties or reputational damage, according to Bloomberg.