
OIL, GAIL sign 15-year agreement for supply of up to 900,000 SCMD natural gas from Rajasthan fields
Oil India Limited
(OIL) and GAIL (India) Limited have signed a 15-year
Gas Sale and Purchase Agreement
(GSPA) for the supply of up to 900,000 standard cubic meters per day (SCMD) of natural gas from OIL's gas fields in Rajasthan, with effect from July 1, 2025.
The agreement aims to support the natural gas requirement of Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL), the state government power utility. The deal was signed at GAIL's corporate office in New Delhi by Ranjan Goswami, Executive Director (Business Development), OIL, and Sumit Kishore, Executive Director (Gas Marketing), GAIL.
The supply arrangement builds on an existing commercial relationship between the two Maharatna Central Public Sector Enterprises under the Ministry of Petroleum and Natural Gas. The agreement aligns with the government's plan to increase the share of natural gas in India's energy mix and promote cleaner fuel usage across sectors.
As per the agreement, the gas from OIL's Rajasthan fields will be supplied through GAIL's transmission network to RRVUNL's power plants.
OIL stated that it will continue to expand its upstream operations through exploration and development efforts in existing and new acreages across the country. GAIL reiterated its focus on gas monetisation through its infrastructure and marketing presence.
The agreement is expected to ensure continuous gas supply from domestic sources for the power sector in Rajasthan.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Mint
an hour ago
- Mint
US, China eye tariff détente in Stockholm meeting today as August deadline looms. What to expect?
Top US and Chinese officials are meeting Monday in Stockholm to try to extend their fragile tariff detente beyond a mid-August deadline and explore broader steps to ease trade tensions. The Stockholm negotiations come just days after Trump secured his largest trade deal to date with the European Union. Under that agreement, most EU goods exports to the U.S., including automobiles, will face a 15% tariff. In return, the EU has committed to purchasing $750 billion in American energy and making $600 billion in U.S. investments over the coming years. Meanwhile, Washington and Beijing are expected to extend their current tariff truce by another three months, according to a report by the South China Morning Post, citing unnamed sources familiar with the talks. One source told the newspaper that neither side will impose new tariffs during the extension period. The existing pause in tariff escalation, originally set to expire on August 12, has helped prevent further deterioration in trade relations as both sides continue negotiating over broader economic and geopolitical disputes. The talks, led by Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent, mark the third high-level meeting in less than three months. The agenda includes negotiating the duration of the current tariff freeze and addressing contentious issues such as US tariffs linked to fentanyl trafficking and China's continued purchases of sanctioned Russian and Iranian Oil. If no agreement is reached, global supply chains could once again be thrown into disarray, as U.S. tariffs are set to revert to punitive triple-digit levels, effectively amounting to a bilateral trade embargo. Still, Bessent said in recent days that the US would use this week's huddle to work out what's 'likely an extension' to the current tariff pause, adding: 'I think trade is in a very good place with China.' Any progress in this week's US-China negotiations could lay the groundwork for a potential meeting between Donald Trump and Chinese President Xi Jinping, possibly timed with a major summit in South Korea later this year. Xi extended an invitation for Trump and First Lady Melania Trump to visit China during a phone call last month, though no date has been confirmed. Sweden's role as host for the talks became clearer after Swedish Finance Minister Elisabeth Svantesson revealed that both U.S. and Chinese officials approached her during the recent G20 gathering in South Africa to propose Sweden as a neutral ground for the negotiations. The meetings in Stockholm mark a quiet but significant moment in the ongoing efforts to manage trade tensions and avoid a renewed tariff escalation. US Ambassador David Perdue, who arrived in Beijing in May, presented his credentials to Xi on Friday, China's envoy to the US posted on X. At the core of the ongoing negotiations between the world's two largest economies lies a high-stakes standoff over critical technologies. Beijing's tight control over rare-earth magnets vital for electric vehicles, wind turbines, and advanced military systems clashes with Washington's sweeping export restrictions on cutting-edge semiconductors crucial to artificial intelligence development. Reducing the 20% fentanyl tariffs Trump imposed over US claims Chinese companies supply chemicals used to make the illegal drug is also a high priority for Beijing, Eurasia Group analysts wrote in a note last week, citing recent meetings with Ministry of Public Security officials. Ministry officials travelled to the Geneva talks in May and will likely go to Stockholm, the analysts wrote, as reported by Bloomberg. While China has denied it is responsible for the flow of the deadly drug, last month it tightened controls over two chemicals that can be used to make the opioid. Earlier this month, Trump praised those moves. 'China has been helping out,' he told reporters. 'We're talking to them and they're making big steps.' For the US, the recent Chinese actions aren't enough, as such moves were required to comply with United Nations measures, according to a person familiar with the trade talks. Chances of reducing the 20% tariff in this round of talks are very slim, added the person who asked not to be identified, discussing sensitive matters, while noting everything could change on Trump's whim, Bloomberg reported. China would be willing to cooperate more on fentanyl, said Sun Chenghao, a professor at Tsinghua University in Beijing, but the US would have to remove the related tariffs, stop blaming Beijing for what it sees as a US domestic problem and provide concrete evidence of crimes. The US business community remains hopeful for progress, with Sean Stein, president of the US-China Business Council, telling Bloomberg TV that movement on fentanyl presents the 'biggest opportunity' in talks. 'That then lowers tariffs on the US side, which then opens the door for China to lower tariffs that lets us sell agriculture, lets us sell airplanes, lets us sell automobiles, that let's us sell energy,' he said. As US Treasury Secretary Scott Bessent opened the latest round of trade talks, he signalled a broader negotiating agenda including Beijing's ongoing purchases of sanctioned Russian and Iranian oil. But China has made clear it won't entertain US pressure on that front. 'China won't play along,' warned Lv Xiang, a US affairs expert at the Chinese Academy of Social Sciences, speaking to state-run Global Times, firmly rejecting any effort to use China as leverage against Russia's economy. At the same time, energy trade between the U.S. and China has sharply declined. In June, Chinese imports of American crude oil, LNG, and coal dropped to nearly zero, the first time in nearly three years, with tariffs of 10–15% imposed by Beijing in February dampening purchases. The energy gap highlights how geopolitical friction is deepening the divide, even as negotiators seek to keep broader trade tensions from reigniting. Xi's government has begun rolling back some of its other retaliatory measures since the two sides met last month in London. Crucially, Beijing has boosted shipments of rare earth magnets, while the US relaxed restrictions on sales of less-advanced semiconductors to China. In another potential goodwill gesture, as the Sweden talks were announced this month, China revealed it had suspended an antitrust investigation into the local unit of US chemical manufacturer DuPont de Nemours Inc. China's colossal manufacturing output will also be a talking point for Trump's team. I think trade is in a very good place with China. Bessent said the US hopes to see China 'pull back on some of this glut of manufacturing that they're doing and concentrate on building a consumer economy.' (With inputs from Bloomberg)


Mint
an hour ago
- Mint
Q1 results today: BEL, GAIL, IndusInd Bank, Adani Total, Torrent Pharma, Nippon Life to release earnings on July 28
Q1 results today, on July 28: BEL, Adani Green, Torrent Pharma, GAIL, Nippon Life, IndusInd Bank and Mazagon Dock Shipbuilders are among at least 20 companies scheduled to release their earnings report on Monday, July 28. Overall, over 100 firms are listed to announce their Q1FY26 results during the week of July 28-August 2. These include big names such as Infosys, Paytm, Nestle India, Eternal, Dixon Technologies, and IRFC, among others. Investors are keenly watching these for corporate announcements, forward looking statements, revenue outlooks, and share prices, to make calculated investment decisions. At least 20 companies are set to release their Q1 earnings on Monday, July 28. These include many public sector (PSU) heavyweights such as BEL, GAIL, Railtel Corp., NTPC Green, and Mazagon Dock; and private marquee companies such as Adani Total, Adani Green, IndusInd Bank and Piramal Pharma. Firms releasing their earnings today include, Bharat Electronics Ltd, Adani Green Energy, Torrent Pharmaceuticals, Mazagon Dock Shipbuilders, GAIL, Waaree Energies, NTPC Green Energy, IndusInd Bank, Adani Total Gas, Nippon Life India Asset Management, Go Digit General Insurance, Piramal Pharma, Ajanta Pharma, KEC International, Paradeep Phosphates, Gravita India, Railtel Corporation of India, CarTrade Tech, Vijaya Diagnostic Centre, and JK Paper, among others. The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to see a muted opening today, tracking mixed global market cues. The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 24,832 level, a discount of nearly 18 points from the Nifty futures' previous close. On Friday, the Indian stock market ended with sharp losses, with the benchmark Nifty 50 closing below 24,900 level. The Sensex crashed 721.08 points, or 0.88 per cent, to close at 81,463.09, while the Nifty 50 settled 225.10 points, or 0.90 per cent, lower at 24,837.00. According to Om Mehra, Technical Research Analyst at SAMCO Securities, 'the gap between the 9-day and 20-day EMAs has begun to widen, indicating a strengthening bearish outlook in the short term. The index also breached the 61.8 per cent Fibonacci retracement level drawn from the previous swing low to high, which was placed near 24,920, signaling a potential breakdown of the recent recovery attempt.' Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.


Time of India
2 days ago
- Time of India
In Delhi, Fadnavis Pitches ₹10,000 Crore Fertiliser Plant for Vidarbha
Nagpur: Maharashtra chief minister Devendra Fadnavis has proposed a ₹10,000 crore fertiliser plant in Nagpur district, positioning it as a game-changing investment to revive Vidarbha's agrarian economy. The proposed project, a joint venture between GAIL, the department of fertilizers, and the state government, will have an annual production capacity of 12.7 lakh tonnes. During a meeting with Union health minister JP Nadda in Delhi, Fadnavis—who is on a two-day visit to the national capital—requested central subsidy and policy clearance. "This will be a transformative project for Vidarbha," the CM said, highlighting its dual impact on rural employment and fertiliser availability. Nadda responded by instructing the state to submit a cabinet proposal. Fertilizers secretary Ratak Kumar Mishra was also present at the meeting. Fadnavis' visit included a series of high-level meetings to accelerate approvals for major infrastructure and environmental projects. In a meeting with finance minister Nirmala Sitharaman, he sought clearance from the ministry of economic affairs for five international funding proposals. These included ₹8,651 crore from the Asian Development Bank to connect villages with concrete roads, ₹4,326 crore for coastal protection, and another ₹4,326 crore to treat municipal wastewater for industrial reuse. Two additional proposals, routed through the World Bank, were also discussed. Sitharaman, acknowledging Maharashtra's financial discipline, assured full cooperation. "Maharashtra has maintained strong economic indicators on every front," she said. Finance secretary Anuradha Thakur, chief economic advisor to the CM Praveen Pardeshi, and principal secretary Ashwini Bhide attended the meeting. Fadnavis also pushed for a ₹22,490 crore rural road network project covering 14,000 km under the ministry of rural development. These 25-year maintenance-free roads, supported by ADB funding, are expected to ease transportation for farmers. Union agriculture minister Shivraj Singh Chouhan praised the plan and lauded the state's performance in housing schemes. "The central govt has sanctioned a record 30 lakh homes for the state," he noted. At NITI Aayog, Fadnavis discussed projects worth ₹4,326 crore each, including the use of artificial intelligence for non-communicable disease (NCD) screening and bamboo-based industrial clusters. He also presented progress updates on the ₹8,651 crore Marathwada Water Grid, the Damanganga-Godavari river-link project, and a skill development plan linking ITIs with private industry. The commission assured timely clearances. "Despite the Fiscal Responsibility and Budget Management (FRBM) limit of 25%, Maharashtra has stayed within 18%," said CEO BVR Subrahmanyam, commending the state's fiscal prudence.