GAIL signs three time-swap deal to sell some of its US LNG

GAIL India has signed three time-swap deals to sell some of its US liquefied natural gas (LNG) as it reorganises its supply portfolio in line with domestic demand. As per the deal, the company will buy LNG from international companies in the current year and sell an equivalent amount of Henry Hub-indexed volumes in 2018-19. The
company is also seeking destination swaps to cut shipping costs of US LNG. GAIL has a deal to buy 3.5 million tonnes per annum (mtpa) of LNG for 20 years from Cheniere Energy of the US and has also booked capacity for another 2.3 mtpa at Dominion Energy’s Cove Point liquefaction plant.