GAIL signed LNG deal on Friday with Gas Natural Fenosa of Spain, under which GNF shall ensure a supply of about 3 billion cubic metres of LNG to GAIL over the next three years.
The supply shall begin from January 2013. GAIL and GNF have also signed an industrial co-operation agreement for development of energy projects in India.
On this occasion CMD of GAIL, Mr. B.C. Tripathi said that “The signing of the gas supply and industrial cooperation agreements is a significant step as it augurs an enduring partnership between the two companies in working towards securing additional LNG volumes for long term energy security of India”.
Currently spot LNG price is between $13 and $14/mBtu (excluding charges for re-gasification, transmission, marketing margins, and taxes).
