MUMBAI (NewsRise) -- GAIL (India) swapped more than 60% of its pricey U.S. liquefied natural gas (LNG) contracts with cheaper supplies, as the state-owned company stepped up efforts to stem potential losses from shale import contracts it had signed at the beginning of this decade.
GAIL has been grappling with unsold inventory of expensive U.S. natural gas it had bought from Cheniere Energy, which owns the Sabine Pass Liquefaction terminal, and Dominion Energy's Cove Point liquefaction plant. The U.S. natural gas exports are priced based on domestic rates, while global LNG sales are linked to the price of crude oil.
