State owned gas company Gas Authority of India Limited (GAIL) has signed a time-swap deal with Swiss trader Gunvor to sell some of its US Liquefied Natural Gas (LNG) as the Indian firm tries to ease the burden of its costly foreign LNG supplies.
It is the first time-swap agreement by GAIL, which is trying to juggle its LNG portfolio to cut costs for price-sensitive Indian customers after a sharp fall in Asian spot prices made its US gas unattractive.
The deal equates to around 5% of India’s 2015-16 LNG imports and will support a government push to promote the use of the cleaner fuel in fertilizer and power sector, even as India’s local gas production is falling.
What can be the possible questions from above news:
Q1. Name the Global commodity trading company, which has signed first-time swap deal with GAIL for US LNG, recently.
Share your answer in the comment section
Source- The Indian Express