By: ICN Bureau
Last updated : January 05, 2024 5:46 pm
Vital will deliver LNG from its global LNG portfolio to GAIL in India on a pan-India basis
GAIL (India) Limited and Vital Asia Pte Ltd. announced the signing of a Long Term LNG deal into India for a supply of approximately one million metric tons of LNG per annum for a period of about 10 years, commencing 2026.
Under this deal, Vital will deliver LNG from its global LNG portfolio to GAIL in India on a pan-India basis. Given this deal for LNG tie up, GAIL Chairman and Managing Director, Sandeep Kumar Gupta said "This long term LNG deal with Vital by GAIL will augment its large Liquefied Natural Gas (LNG) portfolio and will contribute to bridging India's demand and supply gap of natural gas". Vital CEO, Mr Russell Hardy said "We are pleased to build on the existing relationship between Vital 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 speaking on the occasion of signing in Singapore, stated that GAIL is doing 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.