GAIL eyes 1 mtpa US LNG sales through Singapore trade unit

NEW DELHI (Reuters) - State-run GAIL (India) Ltd plans to sell 1 million tonnes of liquefied natural gas (LNG) per year sourced from the United States through its Singapore-based trading arm, the company said in a statement on Wednesday.

The gas utility is also keen to acquire upstream assets in Tanzania and plans to set up floating LNG re-gasification terminal in southern Indian state of Andhra Pradesh along with GDF Suez and Shell , Chairman B.C. Tripathi said in the statement.

GAIL already has a deal to buy 3.5 million tonnes per year(mtpa) of LNG on a free-on-board (FOB) basis for 20 years from U.S.-based Cheniere Energy from 2017.

 

It has also booked capacity to export another 2.3 mtpa at U.S.-based Dominion Energy's Cove Point liquefaction plant from 2017.

Besides, it has a 20-year deal with Russia's Gazprom to buy 2.5 million tonnes of LNG annually.

(Reporting by Nidhi Verma; editing by Malini Menon)