Gail India proposes 7 U.S. LNG cargo swaps from Cove Point facility
LONDON/SINGAPORE (Reuters) Gail India proposes swapping seven LNG cargoes across May-October 2018, according to the tender document and traders.
The Indian importer has 20-year deals to buy 5.8 million tonnes per annum of U.S. LNG in total, split between Dominion Energy's Cove Point plant and Cheniere Energy's Sabine Pass.
With few tankers to ferry the fuel to India, Gail has already struck swap deals for a chunk of its Sabine Pass volumes, and is extending that programme to cover Cove Point output.
Under the swap, Gail sells its share of output from U.S. export plant Cove Point on a free-on-board basis in return for taking delivery of equal amounts of LNG to India's Dahej/Hazira import terminal.
Gail offers a Cove Point cargo loading in May 5-15 and asks for corresponding delivery to India on May 1-10.
Gail offers Cove Point cargo on June 15-25, July 5-15 and August 1-10 but dates for corresponding deliveries to India are yet to be finalised, according to the document.
Gail offers Cove Point cargo on Sept. 1-10 with corresponding Indian import scheduled for Sept. 1-15.
Gail offers Cove Point cargo on Oct. 1-10 with corresponding Indian import on Oct. 10-31.
Participants must submit proposals on or before March 20 and the tender is valid until March 22.
(Reporting by Oleg Vukmanovic in London and Jessica Jaganathan in Singapore; Editing by Mark Potter)
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