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$285m settlement in LCIA Arbitration between Indian and German state owned entities

22/01/25

The Gas Authority of India Limited (GAIL) has settled its LCIA arbitration claim against SEFE Marketing & Trading Singapore Pte Limited (SMTS), with SMTS making a payment of US$285 million to GAIL. GAIL is owned by the Government of India, and SMTS is owned by the German Federal Government (having previously been owned by Gazprom).

The arbitration was commenced by GAIL in 2023 under a 2012 LNG Sale and Purchase Agreement with SMTS, pursuant to which SMTS was required to supply liquified natural gas to GAIL. In 2022-2023, SMTS did not supply 30 LNG cargoes to GAIL alleging that it was excused from doing so by force majeure events (being the Russia-Ukraine conflict and the German government’s takeover of SMTS). GAIL denied that SMTS’s performance was excused by force majeure.

In a joint statement, the parties have announced that they are “committed to moving forward with their long-term relationship”. The settlement has also been reported in the press and in regulatory filings by GAIL.

Chintan Chandrachud represented GAIL, instructed by Stephenson Harwood LLP and Luthra and Luthra Law Offices.