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GAIL (India) Ltd, the country's largest gas transmission and marketing company, plans to open an office in Dubai soon, a senior official said.
Talking to PTI here yesterday, GAIL's Director (Marketing) Prabhat Singh said, "We have opened our wholly owned subsidiary, namely, GAIL Global (Singapore) Pte Ltd in Singapore for managing investments abroad and we are looking for further business opportunities through this subsidiary company".
Singh was in the city for signing a shareholders' agreement with the Vadodara Municipal Corporation (VMC) for pursuing gas distribution opportunities in the city by establishing a new company wityh an authorised share capital of Rs 215 crores.
The formation of new company is the first of its kind in the country where GAIL Gas Ltd, a subsidiary of GAIL and the VMC have joined hands to form a new company to supply piped gas to around 75,000 homes in Vadodara city in three years.
Earlier, VMC through its gas project, supplied piped gas to 75,000 homes after the project was inaugurated by late Prime Minister Indira Gandhi in the city in 1971.
Both Gail Gas Ltd and VMC hold 50% equity each in the new company which will spend Rs 200 crore in the city and adjoining areas for the expansion of piped gas supply to homes, industries, commercial establishments, hotels and restaurants, VMC Municipal Commissioner Manish Bhardwaj said.
"In addition to existing long-term LNG tie-up with RasGas of Qatar, GAIL recently signed long term agreements for 3.5 MMTPA of gas with the US-based Sabin Pass Liquefaction Company at a price benchmarked to the Henry Hub gas price in USA and supply is expected to start from 2018," Singh said.
This deal will facilitate import of LNG from the US at affordable prices, Singh said.
GAIL is keen to expand its foothold by acquiring upstream natural gas liquefaction facilities and actively pursuing potential opportunities especially in North America.
GAIL is working towards concluding shipping arrangements to transport long term volumes and its Singapore-based subsidiary is working towards enhancing LNG volumes and the shipping tie-ups, he said.
Commissioning of the Dabhol terminal along with GAIL's cross country gas pipeline network is poised to integrate India's entire gas market from Bhatinda-Nangal in the North to Kochi in the South spanning a gas grid over 3400 km, he said.
