“GAIL and Vitol Seal Decade-Long LNG Deal Powering Indian Energy.”

Singapore: 5 Jan-2024. Gail announced that a Long Term LNG supply deal has been signed into India between GAIL (India) Limited and Vitol Asia Pte Ltd. The agreement encompasses the supply of approximately one million metric tons of LNG per annum for a decade, starting in 2026. https://www.newsip.in/current-affairs/the-oil-gas-sector-in-india-is-thriving-puri/ The LNG will be delivered by Vitol from its global LNG portfolio to GAIL on a pan-India basis. GAIL’s Chairman and Managing Director, Mr. Sandeep Kumar Gupta, emphasized that this collaboration will enhance GAIL’s LNG portfolio, addressing the natural gas demand and supply gap in India. Vitol’s CEO, Mr. Russell Hardy, expressed satisfaction in building upon the existing relationship and contributing to India’s growing LNG market. GAIL’s Director (Marketing), Mr. Sanjay Kumar, explained that this LNG tie-up aligns with GAIL’s strategy amid the consolidating demand for natural gas in India. https://www.newsip.in/current-affairs/psus-witness-historic-bull-run-in-2023-added-rs-20-lakh-crore/ As a key player in India’s natural gas sector, GAIL holds a dominant market share in various segments, including gas transmission, LPG production, and city gas distribution. Vitol, a leader in the energy sector, boasts a global LNG portfolio with significant supply sources and assets, contributing to the growth of India’s LNG market.