Page 5 - Gail

GAIL beats IOC to win licence to build Gurdaspur-Jammu gas pipeline

GAIL (India) Ltd, the nation's largest gas distributor, beat Indian Oil Corporation (IOC) to win a licence to build a gas pipeline from Gurdaspur in Punjab to Jammu, oil regulator PNGRB said. In a statement, Petroleum and Natural Gas Regulatory Board (PNGRB) said it had in January invited application cum bids for grant of authorisation for the Gurdaspur-Jammu pipeline. "The last date for submission of bids for the Gurdaspur-Jammu natural gas pipeline was May 17, 2023. Two bidders namely, GAIL (India) Ltd and Indian Oil Corporation have submitted their bids," it said. Both bidders were found to be technically qualified and financial bids were opened on June 21. "As per preliminary evaluation of the financial bids, it appears that GAIL (India) Ltd has the highest composite score and is the successful bidder for the Gurdaspur-Jammu natural gas pipeline," it added. The 175-km long pipeline is to carry the environment-friendly fuel to Jammu. The pipeline will have an initial capacity t

Sanjay Kumar takes over as new director for marketing in GAIL India

Sanjay Kumar on Thursday took over as the new director for marketing in state gas utility GAIL (India) Ltd, the firm said. Prior to his new role, Kumar was the Managing Director of Indraprastha Gas Limited, the largest CNG distribution company in India, since April 2022. "Kumar, a Mechanical Engineer from IIT Kharagpur and an MBA, has a rich domain experience of over 35 years in the natural gas sector," GAIL said in a statement. He joined GAIL in 1988 and over the next three decades worked in various roles across domains, including gas marketing, LNG sourcing/ trading/ shipping, business development, gas transmission, projects management and gas pipeline operation and maintenance. In 2011, Kumar was tasked with setting up GAIL's overseas LNG trading subsidiary GAIL Global (Singapore) Pte Ltd in Singapore. This was the first such subsidiary created by any Indian oil and gas PSU, and over the next five years, he played an important role in developing this subsidiary into a ...

Gail initiates legal proceedings against Gazprom for non-supply of LNG

State-owned Gail India on Friday said it has initiated legal proceedings against an arm of the Russian energy giant Gazprom for non-delivery of LNG. The company's chairman and managing director SK Gupta said Gail is seeking damages from Gazprom, but declined to spell out the amount being pressed for. It has filed for arbitration in London and also appointed an arbitrator, Gupta said, adding that Gazprom is yet to appoint its representative. A September 2022 news report said the central government is looking at the issue on a bilateral basis and was against pursuing arbitration or seeking any damages. "...we are taking up legally against them to press for specific performance and to claim the damages. And our request for arbitration has been filed in a London arbitration court," Gupta told reporters here. He explained that the supply of Liquified Natural Gas had stopped in the aftermath of the Russian invasion of Ukraine and the sanctions imposed on the Vladimir Putin-led country b

Gail to borrow up to Rs 7,000 cr to fund Rs 10,000 cr capex plan in FY24

Gail India plans to borrow up to Rs 7,000 crore in FY24 to fund the Rs 10,000 crore capital expenditure plan for this fiscal, a top company official said on Friday. The state-owned company's chairman and managing director SK Gupta said, "For this fiscal, we plan to spend Rs 10,000 crore". He added that even though FY23 was not good for internal resource generation, it invested Rs 9,100 crore, which was 15 per cent higher than the budgeted levels. He exuded confidence that FY24 will be robust on the internal resource generation front, and there will not be any problem with continuing with the capex. "We plan to borrow something around Rs 5-7,000 crore," he added. The company's director of finance, RK Jain, said that given the present scenario in global finance, the borrowing will be done domestically and not in global markets. Keeping in line with the Sebi mandate, a fourth of the borrowings will be in bonds while the rest will be bank borrowings, he said. At present, the company

Former Russian unit resumes LNG supplies to GAIL, 6 US firms offer stake

A former unit of Russian energy giant Gazprom has resumed supplying LNG to Indian state gas utility GAIL a year after it halted supplies due to the Ukraine war, GAIL chairman Sandeep Kumar Gupta said Thursday. The resumption of supplies, which came to a halt in June last year, has shored up gas availability in the country. Separately, six US companies have offered GAIL a stake in their liquefied natural gas export facility. Sefe Marketing and Trading Singapore Pte Ltd (SMTS), erstwhile Gazprom Marketing and Trading Singapore Pte Ltd supplied two liquefied natural gas (LNG) cargoes each in March and April and has committed 4 shiploads each in May and June, Gupta said. "Hopefully, similar volumes will renominated for future months also," he said. Sefe will decide on volumes on a month-to-month basis. GAIL had in 2012 signed a 20-year deal with Gazprom Marketing and Singapore (GMTS) to buy 2.85 million tonnes per annum of LNG. Supplies started in 2018 and the full volume was to reac

Sensex ends lower for third straight day, slips 129 pts; SBI, ITC dip 2%

CLOSING BELL ON MAY 18: The NSE Nifty 50 slipped 52 points to 18,130 as weekly expiry also weighed on the sentiment.

GAIL Q4 profit falls 77.5% to Rs 603 cr as Ukraine war weighs on gas supply

State-owned firm's natural gas marketing business, its mainstay, reports decline in profit

GAIL Q4FY23 net profit drops 77.5%, revenue from operations up 21.8%

During the whole year, FY23, the company's net profit has nearly halved to Rs 5,301.5 crore

ITC, SBI, and others: These companies will declare their Q4 results today

Q4 results today: The list of companies that will declare their financial results has names like IndiGo, Jet Airways, Tata Elxsi, and GAIL

GAIL to build $4.89-bn ethane cracker near LNG import plant in West India

The company plans to import ethane from the United States for the project, the source said

Norway sovereign wealth fund excludes Korea Gas, GAIL over Myanmar link

The Norwegian central bank on Thursday excluded two oil and gas companies from its $1.4-trillion wealth fund, the world's largest, citing ethical concerns over their ties to the Myanmar military.

ONGC planning to invest Rs 1 trillion to expand production capacity: Report

The expansion plans will be implemented by ONGC's joint venture ONGC Petro additions Ltd (OPaL) and its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL)

Indian gas firm GAIL to get 4 LNG cargoes from Germany's Sefe in May

However, the case could be without merit if the industry regulatorâ€"the Insurance Regulatory and Development Authority of India (IRDAI)â€"backdates a new rule around commissions

GAIL Gas Ltd announces reduction in prices of CNG, PNG by upto Rs 7

GAIL Gas Ltd, the city gas arm of the nation's largest gas firm GAIL (India) Ltd, on Sunday announced a reduction of up to Rs 7 in the prices of CNG and piped cooking gas following a reduction in input gas price. GAIL Gas cut the price of the gas that households received through piped natural gas, or PNG, by Rs 7 per standard cubic metre in Bengaluru and Dakshin Kannada and by Rs 6 per scm in other cities where the company operates. Similarly, CNG price has been cut by Rs 7 per kg in Karnataka and by Rs 6 in other areas, the company said in a statement. "GAIL Gas Limited is also steering its pricing mechanism in line with the Government of India's guideline to pass on new domestic gas pricing benefits to its customers and has announced a substantial reduction in prices with effect from April 9, 2023," it said. The new effective domestic PNG prices are Rs 52.50 per scm in Dewas, Meerut, Sonipat, Taj Trapezium Zone, Raisen, Mirzapur, Dhanbad, Adityapur and Rourkela, and Rs 51.50 per

GAIL signs agreement with Shell Energy India on ethane sourcing

It is primarily used as petrochemical feedstock and is separated from the other components of natural gas in most well-developed gas fields

GAIL signs agreement with Shell Energy India for ethane production

GAIL India has signed an agreement with Shell Energy India Private Limited to explore opportunities for infrastructure development for ethane sourcing

NCLT approves GAIL's Rs 2,079 cr resolution plan for JBF Petrochemicals

The National Company Law Tribunal (NCLT) has approved the state-owned GAIL's Rs 2,079 crore resolution plan for JBF Petrochemicals, which owed Rs 7,918 crore to a consortium led by IDBI Bank. "We being satisfied approve the resolution plan submitted by GAIL (India) Limited.....the resolution applicant shall obtain necessary approvals required under any law for the time being in force within a period of one year from the date of approval of the resolution plan," the order issued by the NCLT Mumbai said on Monday. The other secured lenders of the company are Union Bank of India, Bank of Baroda, Exim Bank and Indian Overseas Bank, among others. These lenders made a claim of Rs 4,584 crore, but NCLT admitted a total claim of Rs 4,662 crore. GAIL offered to pay the bankers Rs 2,015 crore, which is a 43.23 per cent recovery for them. However, for the unsecured creditors and operational creditors, the recovery is much lower at 5.7 per cent and 6.9 per cent, respectively. The unsecured ..

GAIL declares interim dividend of 40% for financial year ending 2022-23

India's largest gas firm GAIL on Monday declared an interim dividend of 40 per cent or Rs 4 per equity share for the financial year ending March 31 (2022-23). The total dividend payout would be Rs 2,630 crore, the company said in a statement after its board of directors approved payment of an interim dividend. GAIL chairman and managing director Sandeep Kumar Gupta said the company has been providing shareholders with a steady long-term returns on their investments. The government of India, with 51.52 per cent shareholding in the company, will receive Rs 1,355 crore dividend.

GAIL India rallies 5% in weak market; hits 8-month high on heavy volumes

Gas transmission and trading volumes are likely to increase in FY24E with supplies coming from new sources, analysts say

GAIL imitates Reliance: Plans to import ethane from United States

India's largest gas firm GAIL is imitating billionaire Mukesh Ambani-led Reliance Industries Ltd in planning to import ethane from the US to replace natural gas and naphtha as feedstock at its petrochemical plants. "In a bid towards diversification of the feedstock, GAIL is looking to import ethane from ethane-surplus countries with matured export terminal infrastructure through water borne transportation to India and transport it further through GAIL's pipeline systems to demand centres," the company said in a tender document. It sought quotes to hire a very large ethane carrier (VLEC) for 20 years starting mid-2026 for importing ethane from the US. The ship with capacity of 80,000 to 99,000 cubic metres is targeted to take deliveries from US ports of Marcus Hook, Nederland, Morgan's Point or Beaumont and deliver ethane at Dahej or Hazira in Gujarat or Dabhol in Maharashtra. GAIL has a petrochemical plant at Pata, near Kanpur in Uttar Pradesh, and is also looking to set up another