Page 3 - Gail

Gail, Petron sign pact to explore setting up bio-ethylene plant in India

State-owned gas utility GAIL (India) Ltd on Thursday said it has signed an agreement with US biofuel producer Petron Scientech Inc to jointly explore setting up of a 500 kilo tonnes per annum bio-ethylene plant in India. The memorandum of understanding provides for the two firms looking at setting up the plant based on bioethanol in a 50:50 joint venture, GAIL said in a statement. While GAIL is India's largest natural gas transportation and marketing company, Petron specializes in setting up biomass and grain processing biorefinery projects to produce ethanol, bio-ethylene, bio-chemicals (ethylene oxide / mono ethylene glycol, Methanol) and various bio-fuel projects worldwide. "In line with the MoU, GAIL and Petron will jointly undertake feasibility studies to ascertain technical viability and financial prospects of the project. Both the parties endeavour to secure investment approval from their respective management for investment in the project and forming a JV company," the ...

GAIL head Sandeep Gupta in the race for Indian Oil Corp's new chairman

Nearly a dozen candidates on Sunday appeared for interview before a search-cum-selection panel that is looking to appoint the new chairman of Indian Oil Corporation (IOC), the nation's largest oil firm, sources said. While 10 out of the nearly 60 candidates who applied were called for interviews, GAIL chairman and managing director Sandeep Gupta is being considered a wildcard. Gupta had not applied but was called for the interview, three sources aware of the matter said. "They had invited 10 of the candidates who had applied. Gupta was the 11th person to be interviewed," one of them said. Gupta, 58, was director (finance) in IOC before he was appointed the CMD of gas utility GAIL in October 2022. Those interviewed on Sunday included two directors on IOC board - Satish Kumar Vaduguri (Director-Marketing) and Arvind Kumar (Director-Refineries). Five executive directors of the company too were interviewed. Bharat Petroleum Corporation Ltd (BPCL) director (marketing) Sukhmal Kumar J

CIL, GAIL sign agreement to set up coal-to-synthetic natural gas project

State-owned CIL on Monday said it has entered into a joint venture agreement with GAIL (India) Ltd to set up a coal-to-synthetic natural gas project in West Bengal. While Coal India Ltd (CIL) will have 51 per cent shareholding in the joint venture, GAIL, the nation's largest gas transportation and distribution firm, will have 49 per cent. The joint venture will be incorporated as a private limited company. The initial paid-up share capital is Rs 1 lakh, CIL said in a BSE filing. The registered office of the joint venture will be in West Bengal and CIL and GAIL each will have the right to nominate three executives as directors of the JV. Earlier this year, the Cabinet Committee on Economic Affairs had approved setting up a coal-to-synthetic natural gas project through a joint venture between CIL and GAIL, and a coal-to-ammonium nitrate project through a venture between CIL and BHEL. CIL will set up two coal gasification plants as part of efforts to achieve the target of 100 MT coal

Gail Q1FY25 results: PAT jumps 77.5% to Rs 3,183.35 cr on high gas margin

Higher domestic natural gas marketing volumes pull up revenue to Rs 34,822 crore

Jatin Gedia of Sharekhan recommends buying these two stocks today

GAIL has broken out of a resistance zone of Rs 233 - Rs 235. The breakout has been accompanied with above average volume.

Former Chairman and MD of GAIL, CR Prasad passes away at age of 83

CR Prasad, former chairman and managing director of state-owned gas utility GAIL (India) Ltd, has died. He was 83. Prasad died on Saturday, GAIL said in a post on LinkedIn. It, however, did not give reasons for the death. "Dr CR Prasad joined GAIL as Director (Planning) in 1994 and rose to the position of CMD in 1996," it said. He was chairman and managing director (CMD) of the company till his superannuation in 2001. "He was instrumental in transforming GAIL into a company strategically positioned for forward and backward integration, thereby unlocking the full potential of the gas value chain. "His visionary leadership established a robust foundation, characterised by the core values and competencies that define the company today. A meticulous project manager, he consistently delivered projects on time and within budget, solidifying his reputation as a pioneer in LPG, liquid hydrocarbons, and petrochemicals," it said. Industry leaders condoled his death. Suresh P Manglani, CEO

Analysts divided on GAIL's prospects; limited fresh gains in the offing

Analysts believe that there could be tariff hikes of 10-12 per cent starting in H2FY25 and continuing through FY26 and this could boost FY26 net profit as well

GAIL's Urja Ganga gas pipeline project completion delayed until March 2025

The construction of the Rs 12,940-crore 'Urja Ganga' gas pipeline, India's most ambitious project taking environment-friendly fuel to eastern parts of the country, has been delayed by nine months and will now be completed by March 2025, state-owned GAIL (India) Ltd said. The 3,306-kilometre Jagdishpur-Haldia-Bokaro-Dhamra pipeline was originally targeted for completion by June 2024. But due to "delay in right of use (RoU) availability", the completion schedule has been revised "from June 2024 to March 2025", GAIL said in a stock exchange filing. The bulk of the pipeline has already been constructed, and gas has started to flow in most cities along the route. Traditionally, natural gas was available for use as fuel to generate electricity, make fertiliser or turn into CNG and cooking gas only in the western and northern parts of the country, as pipelines taking the fuel from source to users were limited to these parts. In October 2016, work on laying a pipeline from Jagdishpur in Ut

Gail extends net zero carbon emission target by five years to 2035

State-owned gas utility GAIL (India) Ltd on Friday said it has advanced the target to achieve net zero carbon emission by five years to 2035 as it takes multi-prolonged approach to reaching the goal. The company was previously targeting net zero carbon emissions by 2040. "GAIL Board accorded approval to advance its net zero target for Scope-I and 2 emissions by five years, from the year 2040 to year 2035," the company said in a statement. Scope 1 covers emissions from sources that an organisation owns or controls directly -- for example from burning fuel in factories or even in its fleet of vehicles. Scope 2 are emissions that a company causes indirectly and come from where the energy it purchases and uses. For example, the emissions caused when generating the electricity. "This decision follows an extensive study undertaken by GAIL to enhance its sustainability goals and align with India's broader net zero commitments," it said. "GAIL plans to achieve this ambitious goal through

PSU shares slump up to 8% as investors book profit, track LS poll results

Shares of state owned companies fell on the BSE in Tuesday's early trades. The BSE CPSE index was down by 8.3 per cent at 4,025 levels.

IOC, GAIL, ONGC fined for 4th straight quarter for not appointing directors

State-owned oil and gas giants including IndianOil, ONGC and GAIL (India) Ltd have been slapped with fines for the fourth straight quarter for failing to meet listing requirements of having the requisite number of directors on their board. Stock exchanges imposed a cumulative fine of Rs 34 lakh on oil refining and fuel marketing giants Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL), explorers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), gas utility GAIL, and refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) for not meeting the listing requirement in the January-March quarter, stock exchange filings showed. In separate filings, the companies detailed the fines imposed by the BSE and NSE for either not having the requisite number of independent directors or the mandated women director in the quarter ended March 31, 2024 (fourth quarter of 2023-24 fiscal year), but were quick to point out tha

Gail to invest Rs 50,000 crore in petrochemical unit in Madhya Pradesh

The new ethane cracking unit aims to meet the domestic demand for petrochemicals, which is projected to nearly triple to $1 trillion by 2040

Gail Q4 results: Profit slips 22% at Rs 2,177 cr from Q3, revenue down 6%

Gail Q4 FY24 results: Consolidated net profit of the country's largest gas distributer grew multi-fold compared to Q4 FY23

Q4 FY24 results: M&M, GAIL, Vodafone among 94 firms to post earnings today

Q4 FY24 company results: Info Edge, Biocon, JK Paper, Solar Industries, Infibeam Avenues, and many more companies will post their fourth-quarter earnings on May 16

Former Gazprom unit rejects GAIL demand for compensation of $1.8 billion

A former unit of Russian energy giant Gazprom has rejected state-owned GAIL (India) Ltd's demand for compensation for non-delivery of LNG supplies in the aftermath of Russia's invasion of Ukraine. In a stock exchange filing, GAIL said SEFE Marketing Trading Singapore Pte Ltd has stated that it does not owe anything other than the defaulted cargoes. GAIL in December last year filed an arbitration claim before the London Court of International Arbitration seeking USD 1.8 billion for "non-supply of LNG cargoes under a long-term contract.. This included compensation for non-supply besides making up for the defaulted volumes. GAIL in 2012 signed a 20-year deal to buy as much as 2.85 million tonnes per annum of liquefied natural gas (LNG) with Russian energy giant Gazprom. The deal was signed with Gazprom Marketing and Singapore (GMTS), which at the time was a unit of Gazprom Germania, now called Sefe. The Russian parent gave up ownership of Sefe after Western sanctions were imposed on

GAIL plans to commission its first green hydrogen project in April

"Once the initial hiccups are sorted at the commissioning stage, we expect to start producing in a month's time," one of the sources said

Gail, ONGC explore possibility of importing ethane at Shell's Guj terminal

State gas utility GAIL (India) Ltd and oil producer ONGC will explore possibility of using Shell's import terminal at Hazira in Gujarat for importing ethane and other hydrocarbons to fuel their petrochemical ambitions. GAIL had in May last year signed a memorandum of understanding with Shell Energy India Pvt Ltd to explore opportunities in energy value chain, including sourcing of ethane. On Thursday, "GAIL, Oil and Natural Gas Corporation (ONGC) and Shell Energy India (SEI) Pvt Ltd signed a tripartite memorandum of understanding (MoU) to explore opportunities for import of ethane and other hydrocarbons and development of evacuation infrastructure at Shell Energy Terminal, Hazira," GAIL said in a statement. Both GAIL and ONGC are exploring import of ethane from countries such as the US for planned petrochemical plants that are aimed at catering needs for goods ranging from plastics to paints and adhesives in the fast expanding economy. GAIL is looking to build an ethane cracker whi

IOC, Gail and ONGC fined for failure to appoint directors on their board

Listing norms require companies to have independent directors in the same proportion as executive or functional directors. They are also required to have at least one woman director on the board

Govt negotiating with Gail to employ 34 people troubled by JBF crisis

The Karnataka government is in talks with the Centre to provide jobs at Gas Authority of India Limited to 34 employees who are left in the lurch due to a financial crisis in JBF Industries Ltd, state Large and Medium Industries minister MB Patil said on Tuesday in the legislative council. He was replying to a question by Congress member Manjunath Bhandari. The minister said that talks will be held again with top officials of GAIL. The minister's reference was to 34 people who were evicted after they gave their lands to JBF Industries Ltd in Mangalore Special Economic Zone (SEZ). According to the government rules, the company should have employed 115 such people who gave up their land for the project. Later, the company employed only 81 of them in 2012. However, the company ran into a financial crisis in 2017 and was handed over to Gas Authority of India Ltd (GAIL) as per the process held at NCLT (National Company Law Tribunal). Though GAIL paid them wages till March 2023, problem

Qatar hits major LNG growth market India, to hold talks with Gail, IOC

The Persian Gulf producer will hold high-level talks with Gail India Ltd. and Indian Oil Corp. during India Energy Week in Goa, according to traders with knowledge of the discussions