Vitol and GAIL Sign 10-Year Agreement for LNG Supply

by Admin
Gail Limited and Vitol LNG Supply Deal

GAIL (India) Limited and Vitol Asia Pte Ltd. have formally entered into a significant Long-Term LNG supply agreement for India. This comprehensive deal, spanning approximately 10 years from 2026, outlines the annual supply of around one million metric tons of LNG. Vitol will leverage its global LNG portfolio to facilitate deliveries to GAIL, covering the entirety of India.

Mr. Sandeep Kumar Gupta, Chairman, and Managing Director of GAIL expressed, “This long-term LNG supply agreement with Vitol signifies a substantial addition to GAIL’s expansive Liquefied Natural Gas (LNG) portfolio. It plays a pivotal role in addressing India’s growing demand for natural gas.”

Vitol’s CEO, Mr. Russell Hardy, stated, “We are delighted to reinforce the existing collaboration between Vitol and GAIL through the conclusion of this Long-Term LNG supply agreement. With India emerging as a significant and expanding LNG market, we are eager to contribute by supplying LNG from our global portfolio to meet the escalating demand for natural gas in the country.”

GAIL’s Director Marketing, Mr. Sanjay Kumar speaking on the occasion of signing in Singapore, stated, “GAIL is doing this deal as demand for natural gas in India is getting consolidated and this LNG tie-up is part of the multiple negotiations which GAIL has been carrying on with various LNG suppliers for long term deals.”

About GAIL (India) Limited

GAIL (India) Limited stands as a leading natural gas company with a formidable presence across various sectors in India, including gas trading, transmission, LPG production and transmission, LNG re-gasification, petrochemicals, city gas, and E&P. With a network of over 16,000 km of natural gas pipelines spanning pan India, GAIL continues to execute multiple pipeline projects to further enhance its reach. The company commands a substantial market share, holding around 70% in gas transmission and over 50% in gas trading in India. GAIL, along with its subsidiaries and joint ventures, also boasts a formidable market share in City Gas Distribution.

About Vitol

Vitol, a leader in the energy sector, operates across the entire spectrum from oil and gas to power, renewables, and carbon. Trading 7.4 million barrels per day of crude oil and products, and chartering around 6,000 sea voyages annually,

Vitol serves clients globally, including national oil companies, multinationals, leading industrial companies, and utilities. Established in Rotterdam in 1966, Vitol’s global presence includes investments in energy assets worldwide, with holdings in storage, refining capacity, service stations, and a growing portfolio of transitional and renewable energy assets. Vitol’s global LNG portfolio includes long-term LNG supply agreements from North America, Africa, the Middle East, and Asia, complemented by a fleet of LNG vessels and an experienced team across Asia, Europe, and the US. In 2022, Vitol physically delivered approximately 14 Mtpa of LNG.

Source GAIL (India) Limited