Gail of India Plans to Import 30 Spot LNG Cargoes

Gail India, the nation’s biggest natural gas distributor, plans to import 30 spot cargoes of LNG in 2012/13, Reuters reported, citing the company’s chairman B.C. Tripathi.

The company today posted a net profit of Rs. 4833.40 million for the quarter ended March 31, as compared to Rs. 7830.70 million for the quarter ended March 31, 2011.

Total income has increased from Rs. 89614.10 million for the quarter ended March 31, 2011 to Rs. 107182.80 million for the quarter ended March 31, 2012.

Andhra Pradesh Gas Distribution Corporation (APGDC), a company jointly promoted by GAIL Gas and Andhra Pradesh Gas Infrastructure Corporation, has in April signed a deal with GDF Suez  for jointly setting up a Floating Storage and Regasification Unit (FSRU) in offshore Andhra Pradesh.

Gail has also in December entered into a LNG sale and purchase agreement with Cheniere Energy under which it has agreed to purchase approximately 3.5 million tonnes per annum (mtpa) of LNG from Sabine Pass train four.

1 Indian rupee = 0.017833 U.S. dollars

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LNG World News Staff, May 30, 2012; Image: Petronet