(ET)
State-owned GAIL India and Russia’s Gazprom are negotiating over the import of gas to India as the evolving payment mechanism between the two countries facilitate easier trade, said people familiar with the matter. While talks are in the early stages, the cost of these imports could be lower than international prices since Russia has surpluses as its exports to Europe have dwindled.
Saint Petersburg-based Gazprom, the state-owned multinational energy company, has likely proposed to the Indian public sector company that it purchase the fuel from Gazprom Singapore and settle payments in euros in future trades. The Singapore unit is a subsidiary of Gazprom Germania, where the Russian company still has a ‘quota’ despite abandoning ownership in April, sources said.
