GAIL (India) Ltd has signed a long-term agreement with Vitol Asia Pte Ltd to supply about 1 million metric tonnes of liquefied natural gas to India every year.
Vitol will supply LNG from its global portfolio to GAIL for 10 years starting in 2026, the state-run company said in a statement on Friday. Other terms of the deal were not disclosed.
“GAIL’s long-term LNG agreement with Vitol will enhance its large liquefied natural gas portfolio and contribute to bridging India’s natural gas demand and supply gap,” said GAIL Chairman and Managing Director Sandeep Kumar Gupta.
“India is a significant and growing LNG market and we are excited to bring LNG supplies from our global LNG portfolio to meet this growing natural gas demand in India,” said Russell Hardy, CEO of Vittal, in the statement.
According to the company’s marketing director Sanjay Kumar, the deal is part of a series of talks that GAIL has been holding with various LNG suppliers for long-term contracts.
GAIL owns and operates a network spanning 16,000 km of natural gas pipelines across India.
Shares of GAIL closed at ₹163.55 apicee on the BSE on Friday, up 0.21% from the previous close.
