Monday, March 4, 2024
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HomeStocksGAIL signs 10-year LNG supply deal with Vitol

GAIL signs 10-year LNG supply deal with Vitol

About the deal  

GAIL (India) Ltd and Vitol Asia Pte Ltd, today 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 about 10 years, commencing 2026. Under this deal, Vitol 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, Mr Sandeep Kumar Gupta said: “This long-term LNG deal with Vitol 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”. Vitol CEO, Mr Russell Hardy said “We are pleased to build on the existing relationship between Vitol 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”. 

Company profile 

GAIL as a leading natural gas company has a formidable presence in India’s gas trading, transmission, LPG production & transmission, LNG regasification, petrochemicals, city gas, and E&P. GAIL which owns and operates a network of over 16,000 km of natural gas pipelines on pan India basis is working concurrently on the execution of multiple pipeline projects to further enhance the spread. GAIL commands around 70% market share in gas transmission and has a Gas trading share of over 50% in India. GAIL and its Subsidiaries/ JVs also have a formidable market share in City Gas Distribution. 

Stock price movement 

On Friday, the Gail India stock opened at Rs 166 and touched a high and low of Rs 167 and Rs 161.85, respectively. The BSE group ‘A’ stock of face value of Rs 10 has a 52-week high and low of Rs 169.35 and Rs 91, respectively. Last one week high and low of the scrip stood at Rs 169.35 and Rs 158.05, respectively. The current market cap of the company is Rs 1,06,812.49 crore. 

The promoters holding in the company stood at 51.91%, while Institutions and Non-Institutions held 41.80% and 6.30% respectively.

Check: Stock Portfolio – President of India

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions. 
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