Gail’s corporate office in New Delhi
Gail feels effects of Russia fallout
Indian gas company’s profits nosedive due to non-supply from former Gazprom unit
Indian LNG importer Gail is struggling to mitigate the effects of Western sanctions on Russia as the impact of 2022’s historic high LNG prices is reflected in balance sheets and courtroom battles with suppliers. Gail’s profits plummeted by nearly 50pc in the financial year ending 31 March—with the company reporting net profit of $647.17mn (INR53.01bn) compared with $1.26bn in the 2021–22 financial year. Gail has also initiated legal proceedings against a former subsidiary of Russian LNG company Gazprom in a London court for disruption to supplies for nearly eight months across 2022 and 2023. "High gas prices and unavailability of lower-priced long-term gas affected practically all our busin
Also in this section
13 March 2025
The spectre of Saudi Arabia’s 2020 market share strategy haunts a suffering OPEC+ as Trump upends the energy world
12 March 2025
Petronas-Eni eyes joint venture to prioritise key gas developments, with huge opportunities for growth in Indonesia and a steady Malaysia portfolio
12 March 2025
Bearish market sentiment and bullish long-term outlook for oil and gas consumption prevails at CERAWeek
11 March 2025
Direct air capture is still in its infancy, but organisations are seeking to leverage global collaborations and AI to discover new materials, with an aim of scaling up the technology and cutting costs
