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According to preliminary long-term forecasts, global gas consumption would grow by 20% over the next 20 years

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Its petrochem plant in UP running at 40% utilisation

Russian energy giant Gazprom has threatened to reduce natural gas supplies through the last pipeline heading to Europe via Ukraine, saying the amount it's supplying for Moldova is not ending up in the former Soviet republic. Gazprom says the gas company of Europe's poorest country, Moldovagaz, paid for part of its November flows of gas under its contract. It added that nearly 25 million cubic metres has been supplied this month but not paid for. The Russian state-owned company tweeted that if the imbalance observed during the transit of gas to the Moldovan consumers across Ukraine continues, Gazprom will start reducing its gas supplies" through Ukraine starting Monday. Both Moldova and Ukraine hit back at Gazprom, with Ukraine saying all supplies that Russia sent through the country were fully transferred" to Moldova. This is not the first time that Russia resorts to using gas as a tool of political pressure. This is a gross manipulation of facts in order to justify the decision to

In early October, Russia's Deputy Prime Minister had announced that Moscow and Tehran may agree to a swap of 5 MT of oil and 10 billion cubic metres of gas, to be completed by the end of the year

State-owned gas utility GAIL (India) Ltd on Thursday reported a 46 per cent drop in its September quarter net profit as it slashed petrochemical output after a former unit of Russian energy giant Gazprom stopped gas supplies. Net profit stood at Rs 1,537.07 crore in July-September compared with Rs 2,862.95 crore profit in the same period a year back, according to a stock exchange filing of the company. The profit for the firm that transports and sells natural gas to users like fertiliser plants and CNG retailers was sequentially down 47.2 per cent from Rs 2,915.19 crore profit in the April-June quarter. GAIL's mainstay natural gas marketing business saw revenues doubled but profitability declined 66 per cent as higher gas prices, resulting from a global surge in energy rates following Russia's invasion of Ukraine, hurt margins. It posted a pre-tax loss of Rs 346.22 crore in the petrochemical business in Q2 as compared to a pre-tax profit of Rs 363.29 crore a year back and Rs 35.16

The decision comes as LNG supplies from Russia's Gazprom have been declining since the start of the Russia-Ukraine war

But it remained far from clear who might be behind any foul play, if proven, on the Nord Stream pipelines that Russia with European partners spent billions of dollars building.

The centre may neither pursue arbitration with Gazprom, the world's largest natural gas explorer, nor accept a penalty from the company after it halted supplies to GAIL in May

A former unit of Russia's Gazprom is paying a 'meagre' penalty for the liquefied natural gas (LNG) cargoes it had failed to deliver to India since early June to absolve itself of all contractual liabilities, a top government official said. Gazprom Marketing and Trading Singapore (GMTS), under a long-term 20-year contract, was to supply 2.5 million tonne of LNG to state-owned GAIL (India) Ltd this year. But it has not supplied any cargo or shipload of LNG since early June. "The contract provides for a penalty of 20 per cent of the agreed price in case of a default by the supplier. GMTS is paying that penalty to absolve itself of all contractual liabilities," the official, who wished not to be identified, said. The price of LNG under the long-term contract comes to USD 12-14 per million British thermal unit and GMTS is paying 20 per cent of this for the default, he said. "LNG in spot market is being sold at triple the long-term price and so anyone would be happy to pay the meagre ...

Speaking at an economic forum in Vladivostok, Putin said European calls for a price cap on Russian gas were 'stupid', and would lead to higher global prices and economic problems in Europe

Gazprom on Friday said the Nord Stream 1 pipeline, Europe's major supply route, would remain shut as a turbine at a compressor station had an engine oil leak, sending wholesale gas prices soaring.

Europe to blame for Nord Stream 1 shutdown, says Kermlin and warns of retaliation over G7 oil price cap; European gas prices rocket 30%, shares fall

Global stock markets sank Monday as Europe faced a new squeeze on Russian gas supplies. London and Frankfurt opened lower. Tokyo, Hong Kong and South Korea fell while Shanghai gained. Oil prices rose more than USD 2 per barrel while the euro edged lower. Markets were roiled by Russian energy giant Gazprom's announcement Friday that a suspension of gas supplies through the Nord Stream 1 pipeline would be extended indefinitely. That adds to shortages in Germany and other economies. In early trading, the FTSE 100 in London lost 1.1% to 7,198.73 and the DAX in Frankfurt tumbled 3.2% to 12,628.44., The CAC 40 in France fell 2% to 6,047.28. Gazprom's announcement puts European stocks under heavy pressure, said Chris Turner of ING in a report. Also Friday, U.S. government data showed hiring slowed in August but wages rose sharply. Forecasters said the Federal Reserve might see that as evidence more interest rate hikes are needed to bring down inflation that is at a four-decade high. Mar

Gastech 2022 is the 50th edition of the largest global gathering focused on Liquified Natural Gas as a bridge fuel

It's a massive blow to Europe, which is scrambling to cut its dependency on Russian gas before winter and has been waiting for Moscow's next steps in the energy war

European governments fear Moscow could extend the outage in retaliation for Western sanctions imposed after it invaded Ukraine and have accused Russia of using energy supplies as a "weapon of war"

Nord Stream 1 is the biggest pipeline transporting cheap natural gas between Russia and Europe via Germany

Russia's Gazprom announced that from Thursday it would fully suspend gas deliveries to Engie, a French utility, citing a dispute over payments

Many countries have imposed sanctions on Russia, but key oil consumers China and India have stepped up imports of discounted Russian barrels to record levels