Financial Daily from THE HINDU group of publications
Wednesday, May 10, 2006
Financial Daily from THE HINDU group of publications Wednesday, May 10, 2006 |
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Corporate
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Announcements GAIL makes first global LNG purchase Our Bureau
New Delhi , May 9 GAIL (India) Ltd today said that in the first ever purchase of liquefied natural gas (LNG) cargo from the international market on its own, the company has bought one spot cargo of 135,000 standard cubic meter from Algeria. The cargo is expected to arrive at the Dahej LNG receiving terminal next week, a company statement said. According to the statement, GAIL is in the process of finalising a second cargo next month. GAIL proposes to sell part of the LNG to companies facing natural gas supply crunch. High on the list will be power generation companies who are facing serious supply shortages in Northern India, which is in the grip of a heat wave, the statement added. Recently the Central Electricity Authority has permitted the use of naphtha to meet the peak summer demand. Currently, the domestic price of naphtha is as high as $20 per million British thermal unit equivalent of energy. The price of Algerian LNG will be a fraction of this price, the company said. GAIL is confident of importing more spot cargos in the near future and is in touch with LNG sellers in the Pacific Basin, Atlantic Basin and the West East for future imports, it added.
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