New Delhi: GAIL (India) Ltd has signed a long-term deal with Vitol Asia Pte Ltd for the supply of about 1 million metric tonnes of liquified natural gas every year to India.
Vitol will deliver LNG from its global portfolio to GAIL for 10 years beginning 2026, the state-run company said in a statement on Friday. Other terms of the deal were not disclosed.
“This long-term LNG deal with Vitol by GAIL will augment its large liquefied natural gas portfolio and will contribute to bridging India’s demand and supply gap of natural gas,” GAIL chairman and managing director Sandeep Kumar Gupta said.
“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,” Vitol CEO Russell Hardy said in the statement.
The deal is part of multiple negotiations that GAIL has been having with various LNG suppliers for long-term deals, according to Sanjay Kumar, director of marketing at the company.
GAIL owns and operates a network spanning 16,000 km of natural gas pipelines across India.
Shares of GAIL on BSE closed at ₹163.55 apicee on Friday, higher by 0.21% from its previous close.
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Published: 05 Jan 2024, 06:55 PM IST