GAIL signed an agreement with two companies for LNG, supply will start from 2026
State-owned GAIL (India) Limited has signed an agreement with two companies for the import of Liquefied Natural Gas (LNG). The company will import LNG from Finland's Vitol and the United Arab Emirates (UAE)'s ADNOC-Gas Company for ten years. This supply will start in the year 2026. India imports about half of its gas needs.
State-owned GAIL (India) Limited will start importing Liquefied Natural Gas (LNG) under two new contracts in the year 2026. The company announced that it has hired one more ship to carry the fuel. GAIL India Chairman Sandeep Kumar Gupta said this on Wednesday quoting news agency PTI.
In January this year, GAIL India signed back-to-back deals for the import of LNG. Firstly the company inked a pact with Netherlands energy trader Vitol to import 1 million tonnes of LNG for 10 years. Along with this, the firm has entered into another agreement with ADNOC-Gas of the United Arab Emirates, UAE to buy five lakh tonnes of LNG every year.
As a leading natural gas trader, the company fully recognizes the imperative of ensuring supply security. In this direction, we have signed two 10-year LNG supply agreements. Both these agreements are going to start in the year 2026," informed GAIL Chairman Sandeep Kumar Gupta while addressing its AGM.
The country imports roughly half of its gas requirements as local production falls short of demand.
