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India's GAIL to buy 2.5 MMTPA of LNG from NIOC of Iran

New Delhi, Oct 18, IRNA -- Gas Authority of India Limited (GAIL) has finalized a gas purchase pact with the National Iranian Oil Company (NIOC) to buy 2.5 million metric tons of LNG per annum (MMTPA).

According to the Business Standard, a New Delhi-based English daily, with this deal the plans of Petronet LNG (PLL), GAIL's major stake holder, for doubling the capacity of its LNG terminal at Dahej in the western Indian state of Gujarat from the existing 5 MMTPA to 10 MMTPA gains momentum as PLL has already signed an agreement with RasGas of Qatar to source an additional 2.5 MMTPA of LNG apart from its current purchase of 5 MMTPA from the Qatar firm.

"The negotiations have been going on for over the past four months and finally we have closed a deal and decided to buy LNG from NIOC at a very attractive rate. The gas may be unloaded at Dahej terminal for regassification and then sold through GAIL's pipelines to prospective customers. As the agreement is for long-term supply from NIOC, supply of 10 MMTPA of LNG now has been ensured," A.K. Ray, executive director of GAIL, said in Ahmedabad on Saturday.

Ray said that by 2012 natural gas demand would reach 90 MMSCMD at a delivered price of dlr 4 per MMBTU, which could almost double if the delivered price settles close to dlr 3 per MMBTU."

... Payvand News - 10/18/04 ... --

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