International LNG Trade GAIL Plans to Export One Million Ton of US LNG per Year to Asian Markets
An Indian–American LNG mega–deal: GAIL of India revealed plans to allocate one million metric tons of LNG from the US per year to export markets in Asia. This step shall help to establish the Indian oil and petro company as a global LNG trader, managers explained...
New Delhi/India – GAIL's Chairman and Managing Director B C Tripathi recently revealed the company’s future plans: He explained that GAIL has allocated one million metric tons per year (MMTPA) of LNG from the United States to its subsidiary GAIL Global in Singapore for trading in the global market. This experience of global trading would help to develop requisite skill sets and competence within the company and thereby expand the business in the global LNG market in a self-sustaining manner. GAIL opened its Singapore office in 2011, for sourcing Natural Gas and for trading in LNG and petrochemicals.
Shri Tripathi also mentioned about GAIL’s plans to venture into LNG shipping to bring LNG volume from the US, doubling the capacity of Dabhol LNG terminal, upstream investment in Tanzania and setting up floating LNG re-gasification terminal in Andhra Pradesh along with GDF Suez and Shell.
He emphasized that going forward, innovative new business models are essential for the LNG industry which can provide flexibility and security in supplies while reducing the total cost of LNG to consumers. He reiterated that GAIL would continue to promote regional cooperation among Asian buyers and create Asian Gas Index so that LNG prices for Asia become in sync with market prices.