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Time of India
7 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
15-07-2025
- 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
15-07-2025
- 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.)
India Gazette
15-07-2025
- Business
- India Gazette
GAIL signs long-term LNG agreement with Vitol Asia for 1 MMTPA supply
New Delhi [India], July 15 (ANI): GAIL (India) Limited has signed a long-term Liquefied Natural Gas (LNG) Sales and Purchase Agreement (SPA) with Vitol Asia Pte. Ltd., according to an official statement by the company released on Tuesday. This agreement follows the binding Term Sheet that was signed between the two companies in January 2024. As per the agreement, GAIL will supply approximately 1 Million Metric Tonnes Per Annum (MMTPA) of LNG for a period of about 10 years. The supply is scheduled to begin in 2026. Under this deal, Vitol will deliver LNG to GAIL from its global LNG portfolio. Sanjay Kumar, Director (Marketing) at GAIL, expressed satisfaction over the partnership and said, 'GAIL 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.' India has emerged as the world's fourth-largest importer of LNG in 2024. The demand for LNG in the country is expected to increase steadily over the next decade. To support this growing need, the Government of India has set a target to raise the share of natural gas in the country's primary energy mix from the current 6 to 15 per cent by 2030. In line with this vision, India's LNG regasification capacity has grown significantly, rising from 21 MMTPA in 2014 to nearly double that figure now. Commenting on the agreement, Jay Ng, Chief Financial Officer at Vitol Asia and Executive Committee member, said, 'Vitol is honoured to extend its relationship with GAIL to a long term LNG supply contract. The growing Indian market is core to Vitol's strategy and Vitol's diversified portfolio enables it to offer India a stable supply of cleaner and competitive energy.' GAIL is a Maharatna Central Public Sector Enterprise and is India's leading company in natural gas transmission and distribution. Its operations include a vast network of gas pipelines, processing and petrochemical plants, upstream oil and gas interests, and LNG regasification terminals across India. Vitol is a major global player in energy and commodities trading. The company not only trades energy products but also has significant investments in energy infrastructure worldwide, with over $13 billion invested in long-term assets. (ANI)
Business Standard
15-07-2025
- Business
- Business Standard
GAIL signs long-term LNG supply deal with Vitol Asia for 1 MMTPA
GAIL (India) informed that it has signed a long-term LNG sales and purchase agreement with Vitol Asia for the annual supply of approximately 1 million metric tonne per annum (MMTPA) of liquefied natural gas (LNG). The agreement, set to begin in 2026, spans 10 years, with Vitol delivering LNG to GAIL from its global LNG portfolio. GAIL stated that India emerged as the fourth-largest LNG importer in 2024, with demand projected to rise steadily over the next decade. The company added that the centre has set a target to increase the share of natural gas in the countrys primary energy mix from the current 6% to 15% by 2030. Indias LNG regasification capacity has also seen significant growth, nearly doubling from 21 MMTPA in 2014. Speaking on the occasion, Sanjay Kumar, Director (Marketing), GAIL, stated that, GAIL is expanding its long-term LNG portfolio to meet demand growth. We are pleased to partner with Vitol Asia, and this agreement represents a key milestone in reinforcing GAILs capability to reliably serve its diverse and evolving customer base." Jay Ng, chief financial officer, Vitol Asia and executive committee member, said, Vitol is honoured to extend itsrelationship with GAIL to a long term LNG supply contract. The growing Indian market is core to Vitols strategy and Vitols diversified portfolio enables it to offer India a stable supply of cleaner and competitive energy. 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. On a consolidated basis, GAIL (India)'s net profit rose 0.09% to Rs 2,491.76 crore while net sales rose 11.3% to Rs 36,442.09 crore in Q4 March 2025 over Q4 March 2024. Shares of GAIL (India) rose 0.84% to Rs 184.53 on the BSE.
