reliance on Russian gas (which accounted for 40% of gas supplies) will keep spot LNG at elevated levels. Also GGAS has cut supplies to industrial customers by ~1mmscmd to reduce dependence on spot LNG, which accounts for 21% of FY22E supplies. To tide over tight market conditions, recently GSPC (parent of GGAS) won tenders to secure 0.58mmscmd (5% of...