News Karnataka
Wednesday, April 24 2024
Business News

GAIL Inks 10-Year Deal with Vitol for Import Of LNG

Photo Credit : IANS

Singapore: GAIL (India) Limited and Vitol Asia Pte Ltd on Friday announced the signing of a long-term liquefied natural gas (LNG) deal into India for a supply of approximately one million metric tonnes of LNG per annum for about 10 years, commencing 2026.

Under this deal, Vitol will deliver LNG from its global LNG portfolio to GAIL in India on a pan-India basis.

GAIL CMD Sandeep Kumar Gupta said: “This long-term LNG deal with Vitol by GAIL will augment its large LNG portfolio and will contribute to bridging India’s demand and supply gap of natural gas”.

Vitol CEO Russell Hardy said: “We are pleased to build on the existing relationship between Vitol and GAIL and to conclude this long-term LNG supply deal together. India is a significant and growing LNG market and we are excited to bring LNG supply from our global LNG portfolio to meet this rising natural gas demand in India”.

GAIL Director (Marketing) Sanjay Kumar stated that GAIL is going for this deal as demand for natural gas in India is getting consolidated and this LNG tie-up is part of the multiple negotiations which GAIL has been carrying on with various LNG suppliers for long-term deals.

GAIL, which owns and operates a network of over 16,000 km of natural gas pipelines on a pan-India basis, is working concurrently on the execution of multiple pipeline projects to further enhance the spread.

The company commands around 70 per cent market share in gas transmission and has a gas trading share of over 50 per cent in India.

GAIL and its Subsidiaries and JVs also have a formidable market share in City Gas Distribution.

Vitol is a leader in the energy sector with a presence across the spectrum: from oil and gas to power, renewables and carbon.

It trades 7.4 million barrels per day of crude oil and products, and charters circa 6,000 sea voyages every year.

Read more:

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