GAIL to import 3.5 mn tonnes LNG in 2014-15

Greater Noida, Jan 15: State-run utility GAIL India will import 1.5 million tonnes of liquefied natural gas (LNG) via term contracts and buy 30 to 35 spot cargoes of nearly two million tonnes during 2014-2015, a company official said Wednesday.

“We are keeping term and spot volumes stable for the upcoming fiscal year as we need to maintain our customers. We will, however, need more customers for the US gas, which is going to come in 2017-2018,” Prabhat Singh, marketing director of GAIL, told reporters on the sidelines of the Petrotech 2014 international oil and gas conference here.

Singh also said GAIL has started discussions with potential buyers for LNG from the US and is prioritizing buyers from the fertilizer and power sectors.

GAIL will be receiving six million tonnes LNG a year from the US in 2017-2018 and sell the entire volume in the domestic market.

IANS