Russian media has reported that the European Union would be temporarily increasing its gas purchases from Russia through countries which are ready to do their payments in Russian Roubles to compensate for the demand of Poland and Bulgaria.
Lars Barstad, the CEO of a New York-listed tanker company has been quoted by the FT report as saying, "the discounts on the Russian Urals for India was about $25-30 per barrel. Freight rates would add only $3-4 per barrel, making the trade economic for India."
The significant find for AWEL was hailed by Adani Group chairman Gautam Adani on social media, adding that the discovery of natural gas reserves would shape the country's energy consumption in a remarkable manner.