Latest news with #GSPA
Time of India
4 days ago
- Business
- Time of India
GAIL signs pact to buy 1 million tonnes LNG from Vitol Asia
State-owned GAIL (India) Ltd has signed a gas sales and purchase agreement (GSPA) to buy 1 million tonnes of liquefied natural gas (LNG) from Vitol Asia Pte Ltd for 10 years starting 2026. The GSPA follows a binding term sheet signed in January 2024, GAIL said in a statement. "Under the agreement, Vitol will deliver LNG to GAIL from its global LNG portfolio," it said. Speaking on the occasion, GAIL Director (Marketing) Sanjay Kumar said the company is expanding its long-term LNG portfolio to meet demand growth. "We are pleased to partner with Vitol Asia Pte Ltd, and this agreement represents a key milestone in reinforcing GAIL's capability to reliably serve its diverse and evolving customer base." Jay Ng, Chief Financial Officer, Vitol Asia and Executive Committee member, said the growing Indian market is core to Vitol's strategy and its diversified portfolio enables it to offer India a stable supply of cleaner and competitive energy. India emerged as the world's fourth-largest LNG importer in 2024, with demand expected to rise steadily over the next decade. The government has set an ambitious target to increase the share of natural gas in the country's primary energy mix from the current 6 per cent to 15 per cent by 2030. Supporting this vision, India's LNG regasification capacity has seen substantial growth, nearly doubling from 21 million tonnes per annum in 2014. While GAIL is India's largest natural gas transmission and distribution company, Vitol is a trader in energy and commodities.
Time of India
4 days ago
- Business
- Time of India
GAIL signs pact to buy 1 million tonnes LNG from Vitol Asia
State-owned GAIL (India) Ltd has signed a gas sales and purchase agreement (GSPA) to buy 1 million tonnes of liquefied natural gas (LNG) from Vitol Asia Pte Ltd for 10 years starting 2026. The GSPA follows a binding term sheet signed in January 2024, GAIL said in a statement. "Under the agreement, Vitol will deliver LNG to GAIL from its global LNG portfolio," it said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Casas tipo bungalow 60 m²: ideales para adultos mayores en Chile southermore Buscar Ahora Undo Speaking on the occasion, GAIL Director (Marketing) Sanjay Kumar said the company is expanding its long-term LNG portfolio to meet demand growth. "We are pleased to partner with Vitol Asia Pte Ltd, and this agreement represents a key milestone in reinforcing GAIL's capability to reliably serve its diverse and evolving customer base." Jay Ng, Chief Financial Officer, Vitol Asia and Executive Committee member, said the growing Indian market is core to Vitol's strategy and its diversified portfolio enables it to offer India a stable supply of cleaner and competitive energy. Live Events India emerged as the world's fourth-largest LNG importer in 2024, with demand expected to rise steadily over the next decade. The government has set an ambitious target to increase the share of natural gas in the country's primary energy mix from the current 6 per cent to 15 per cent by 2030. Supporting this vision, India's LNG regasification capacity has seen substantial growth, nearly doubling from 21 million tonnes per annum in 2014. While GAIL is India's largest natural gas transmission and distribution company, Vitol is a trader in energy and commodities.
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Business Standard
4 days ago
- Business
- Business Standard
Gail signs 10-year deal with Vitol to import 1 million tonnes LNG from 2026
State-owned GAIL (India) Ltd has signed a gas sales and purchase agreement (GSPA) to buy 1 million tonnes of liquefied natural gas (LNG) from Vitol Asia Pte Ltd for 10 years starting 2026. The GSPA follows a binding term sheet signed in January 2024, GAIL said in a statement. "Under the agreement, Vitol will deliver LNG to GAIL from its global LNG portfolio," it said. Speaking on the occasion, GAIL Director (Marketing) Sanjay Kumar said the company is expanding its long-term LNG portfolio to meet demand growth. "We are pleased to partner with Vitol Asia Pte Ltd, and this agreement represents a key milestone in reinforcing GAIL's capability to reliably serve its diverse and evolving customer base." Jay Ng, Chief Financial Officer, Vitol Asia and Executive Committee member, said the growing Indian market is core to Vitol's strategy and its diversified portfolio enables it to offer India a stable supply of cleaner and competitive energy. India emerged as the world's fourth-largest LNG importer in 2024, with demand expected to rise steadily over the next decade. The government has set an ambitious target to increase the share of natural gas in the country's primary energy mix from the current 6 per cent to 15 per cent by 2030. Supporting this vision, India's LNG regasification capacity has seen substantial growth, nearly doubling from 21 million tonnes per annum in 2014. While GAIL is India's largest natural gas transmission and distribution company, Vitol is a trader in energy and commodities. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
10-07-2025
- Business
- Time of India
Gail-Oil India deal: Oil India Ltd to sell natural gas for 15 years; will supply 9 lakh standard cubic metres a day
Oil India Ltd, entered in a long term agreement with Gail, under which it would be selling natural gas from its Rajasthan field for the next 15 years. The deal extends an existing contract between the two public sector giants. As per the Gas Sale and Purchase Agreement (GSPA), effective from July 1, Oil India will supply up to 9,00,000 standard cubic metres of natural gas per day from its Bakhri Tibba block to a power plant operated by Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL). Gail will handle the transportation through its 16,421-km gas pipeline network. The agreement was signed on Wednesday at Gail's corporate office in Delhi by Ranjan Goswami, executive director (business development) at Oil India, and Sumit Kishore, executive director (gas Marketing) at Gail. In a joint statement, both firms said the deal reflects their continued commitment to maximising the value of domestic gas through production, transportation and distribution. "This agreement highlights the dedication of both Maharatna central public sector enterprises (CPSEs) in production, transportation and distribution of gas available from domestic gas fields," the OIL press statement said. Oil India,country's second largest state oil and gas producer, reiterated its focus on expanding its upstream operations across India, while Gail said it continues to play a critical role in gas monetisation. Gail currently transports 127 million standard cubic metres of gas per day and is working on several pipeline projects to widen its reach further. Apart from transportation, Gail also operates a gas-based petrochemical plant in Pata, Uttar Pradesh, and manages an LNG portfolio of 16.56 million tonnes per annum, making up 61% of India's total LNG imports. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Business Standard
10-07-2025
- Business
- Business Standard
Oil India signs 15-year GSPA extension with GAIL India
Oil India informed that it has signed an agreement with Gail India to extend their existing gas sale and purchase agreement (GSPA) for another 15 years. Shares of Gail India rose 0.12% to Rs 185.26 on the BSE. The renewed pact, effective from 1 July 2025, will involve the supply of up to 900,000 standard cubic metres per day (SCMD) of natural gas from Oil Indias gas fields in Rajasthan, it added. This agreement underscores the commitment of both Maharatna CPSEs to the production, transportation, and distribution of gas sourced from domestic fields. It reflects their collaborative approach to strengthening energy security and enhancing accessibility. The procured gas will be supplied to the state-run power utility, Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL), for electricity generation. Oil India is engaged in exploration, development, and production of crude oil and natural gas, transportation of crude oil, and production of LPG. It also provides various E&P-related services for oil blocks. GAIL (lndia) is the largest state-owned natural gas processing and distribution company in the country. It has a diversified business portfolio and has interests in the sourcing and trading of natural gas, production of LPG, liquid hydrocarbons and petrochemicals, transmission of natural gas and LPG through pipelines, etc. Shares of Oil India rose 0.25% to Rs 446.40 on the BSE.
