Explore Business Standard
GAIL
State-owned gas utility GAIL (India) Ltd on Thursday reported a 36 per cent rise in net profit in the December quarter after a one-off gain from compensation received from an overseas LNG supplier for non-delivery of committed cargoes. It posted a standalone net profit of Rs 3,867.38 crore in the October-December period of FY25 compared with Rs 2,842.62 crore in the year-ago period, India's biggest gas transportation and marketing company said in a stock exchange filing. Revenue from operations was almost unchanged at Rs 34,957.76 crore with all three major business segments -- natural gas and LPG transportation services, natural gas marketing and petrochemicals -- reporting nearly the same revenues as the previous year. The company had an exceptional income of Rs 2,440.03 crore as compensation received from a former unit of Russian energy giant Gazprom. GAIL had in December 2023 initiated legal proceedings against SEFE Marketing & Trading Singapore Pte Ltd in the London Court of .
State-owned gas utility GAIL (India) Ltd has settled a USD 1.817-billion claim against a former unit of Russian energy giant Gazprom for USD 285 million, according to a stock exchange filing. GAIL had in December 2023 initiated legal proceedings against SEFE Marketing & Trading Singapore Pte Ltd in the London Court of International Arbitration for non-delivery of liquefied natural gas (LNG) under a long-term contract. It sought USD 1.817 billion in compensation for the default in delivery of committed cargoes by SEFE. "GAIL (India) Limited and SEFE Marketing & Trading Singapore Pte Ltd have entered into a settlement agreement dated January 15, 2025," the Indian firm said in the stock exchange filing. "The terms of the settlement agreement include payment of USD 285 million by SEFE Marketing & Trading Singapore to GAIL and withdrawal of arbitration proceedings before London Court of International Arbitration." The company gave no details of the settlement. GAIL in 2012 ...
Vedanta Aluminium on Wednesday said it has entered into a pact with state-owned gas utility GAIL (India) Ltd for supply of natural gas to its smelter at Jharsuguda in Odisha. The country's leading aluminium producer has entered into gas sales agreement with GAIL Gas Ltd, a subsidiary of GAIL (India) Ltd. This transition to natural gas, likely to be operational by the end of next year, will lower the carbon footprint, reduce emissions by an estimated 47,292 tonnes of CO2 equivalent annually, Vedanta Aluminium said in a statement. Vedanta is committed to achieving net zero emissions by 2050, by implementing a dual strategy that includes increasing renewable energy usage while also creating carbon sinks through afforestation efforts, it said. "Our partnership with GAIL Gas Ltd is a testament to our commitment to reducing carbon emissions and embracing cleaner energy solutions," Priya Agarwal Hebbar, Non-executive Director at Vedanta and Chairperson of Hindustan Zinc Ltd, said. GAIL G
State-owned gas utility GAIL (India) Ltd on Thursday said it has signed a 10-year deal to buy up to 0.52 million tonnes per annum of liquefied natural gas (LNG) from Abu Dhabi's ADNOC Gas starting 2026. This is the first sales and purchase agreement (SPA) that ADNOC Gas has signed with an Indian buyer. "The LNG will be delivered in six cargoes per year from ADNOC Gas' Das Island natural gas facility, which has an LNG processing capacity of 6.0 million tonnes per annum. It is the third longest established LNG plant still in production globally," GAIL said in a statement. Sanjay Kumar, Director (Marketing), GAIL said: "India is witnessing a growing demand for LNG to meet its increasing natural gas demand in a diversified sectoral pattern. GAIL plans to significantly increase its term LNG portfolio in the coming years to meet this rising demand. This SPA with ADNOC Gas is a crucial step in this direction, enabling GAIL to augment its existing LNG portfolio to better serve its diverse .
An Expression of Interest (EoI) for shortlisting licensors of coal gasification technology for a proposed coal-based synthetic natural gas (SNG) plant in West Bengal was floated by the GAIL and Coal India Limited (CIL) joint venture responsible for promoting the project, an official said on Monday. The project, valued at an estimated amount of Rs 13,052 crore, considering a debt-equity ratio of 70:30, was approved by the Cabinet, and coal for the plant will be supplied by CIL's subsidiary, Eastern Coalfields Ltd. Coal India will hold a 51 per cent stake in the JV, while GAIL will have a 49 per cent share. "The EoI, floated by Projects & Development India Limited (PDIL) on behalf of the JV, seeks responses from internationally reputed technology licensors with the requisite coal gasification technology, willing to provide it for the commercial production of SNG," the official told PTI. The document mentions, "The proposed JV of GAIL & CIL intends to set up an 80,000 NM3/hr ...
State-owned gas utility GAIL (India) Ltd will start importing LNG under two new contracts from 2026 and has added one more ship to transport the fuel, its Chairman Sandeep Kumar Gupta said on Wednesday. The company had in January this year signed back-to-back deals to import liquefied natural gas (LNG). It first signed deal to import 1 million tonnes of LNG from Dutch energy trader Vitol for 10 years and then another agreement to buy 0.5 million tonne per annum of LNG from UAE's ADNOC-Gas. "As a leading natural gas player, your company recognises the importance of ensuring supply security. In this direction, we have signed two 10-year LNG supply agreements, starting in 2026: 1 million tonnes from Vitol Asia Pte Ltd, Singapore and 0.5 million tonnes from ADNOC Gas, UAE," he said at the company's annual general meeting. LNG is natural gas, extracted from below the surface, that has been cooled down to liquid form for ease and safety of non-pressurised storage or transport. GAIL will
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 ...
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
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
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