Purchase and Sale Contract. The document stipulates annual supplies of Russian LNG in the amount of 2.5 million tons for a period of 20 years. Gazprom Marketing and Trading Singapore is entrusted to discharge obligations under the Contract on behalf of Gazprom Group.
“We consider India to be one of the most booming markets in the region. The contract is a follow-up of Gazprom Group’s consistent efforts to consolidate its positions in Asian markets,” noted Alexey Miller.
Being a leading gas transmission and distribution company in India, GAIL exerts control over 95% of the national gas sector infrastructure. The Indian Government holds a 57.34% stake in the company.
Gazprom Marketing and Trading Singapore (GMTS) was set up in 2009. The company primarily deals with LNG sales. GMTS successfully operates in China, India, Japan, South Korea, Taiwan, Thailand and other countries.