the company aims transmitting 121.55 mmcmd gas in FY13
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GAIL India is expected to enter into a 3-year agreement within three months to purchase around 2 million tonnes of LNG per annum.
Company’s Chairman BC Tripathi made this announcement on Saturday.
The gas will supply the 5 million tonne-a-year Dabhol LNG terminal in western India.
The country (India) is the globe's eighth major importer of LNG and those imports could increase around five-fold by the next decade as domestic gas output drops and demand soars up.
At Asia Gas Partnership Summit, Mr. Tripathi stated, “We are talking to various parties. We will decide on the deal in next three months,". "It all depends on how successful are we in commissioning the terminal.”
Mr. Tripathi stated that a consortium of Indian firms that possess the Dabhol terminal was considering doubling the facility's capacitance to 10 million tonnes annually.
Mr. Tripathi did not indicate when a verdict on lifting the capacitance would be announced.
The Dabhol terminal will primarily function at 50% capacitance as the breakwater is not yet ready.
The country requires gas to assist power electricity generation, its fertilizer division, city gas distribution and for industries.
The company is succeeding well on its growth plans.
The planned augmentation in pipeline network from 8,000 km to 14,000 km will enhance its transmission capacitance from around 170 mmscmd to 300 mmscmd by the next two years.
The stock looks good for medium or long term investment.
The investors can buy the stock on declines.
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