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Economy News - translation
India has reached out to Iraq, Saudi Arabia, the United Arab Emirates and the United States to secure affordable liquefied natural gas (LNG), while LNG supplies from Russia's Gazprom are in decline, according to the Mint newspaper.
In 2018, Gazprom Marketing and Trading Singapore (GMTS), a subsidiary of Gazprom, signed an agreement with Gas Authority of India Limited (GAIL) to supply 2.5 million tons of LNG for a period of 20 years.
But since the beginning of the war in Ukraine, supplies of GMTS have been dwindling.
India's consumption of liquefied natural gas rose on the back of the center's decision to diversify its energy sources.
Currently, gas makes up 6.2 percent of India's energy needs. Mint added that the government plans to absorb it by up to 15 percent by 2030.
India is also largely dependent on imports to meet its oil and gas needs. Eighty-five per cent of the domestic demand for oil and 55 per cent of the domestic demand for gas is met by imports in India.
Mint quoted a government spokesman as saying that the center was trying to get gas from anywhere possible "at the most reasonable prices."
“So far, the availability of gas is not a problem, only the price. Today, gas is available everywhere, including in the United Arab Emirates and the United States. We are looking at negotiating to get a good deal where we can get gas at reasonable prices,” another official said. to Saudi Arabia, the United States, the United Arab Emirates, and Iraq.
The report added that India may not pursue arbitration against Gazprom, but may deal with the case bilaterally "at the highest level of the Indian government."
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