GAIL signs MoU with Sumitomo

GAIL (India) Ltd has signed a memorandum of understanding with Sumitomo Corporation, Japan, to pursue business opportunities in the natural gas and LNG value chain business globally. The two companies hold half the capacity in Cove Point LNG Liquefaction Terminal in the US and have also agreed to coordinate smooth operation of the terminal as they view the US market a growth area. “There are significant opportunities in the North American gas markets and we are pleased to be partnering with Sumitomo in jointly developing this business,” BC Tripathi, Chairman and Managing Director of GAIL (India) said in a statement released by the company. In the US, apart from Cove Point, GAIL has a wholly-owned subsidiary, GAIL Global (USA) Inc, which has acquired stake in Eagle Ford shale acreage.