GAIL (INDIA) LTD. - Gail (India) Ltd reply to clarification sought by the exchange
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| 27 Aug 2015 | |
| The Exchange had sought clarification from Gail (India) Ltd with respect to news article appearing in Financial Chronicle on August 24, 2015 titled "In talks with Iran to revive old LNG deal".<BR> <BR>Gail (India) Ltd replied stating "This is to inform that though GAIL in June 2005 had signed a bilateral Sale & Purchase Agreement (SPA) for import of 2 MMTPA of LNG from National Iranian Gas Export Company (NIGEC), the SPA is kept in abeyance as NIGEC informed GAIL that the SPA has not been ratified by their Govt. further, owing to sanctions, Iran has still not been able to set up any LNG liquefaction terminal in Iran.<BR><BR>In a recent visit of Indian delegation to Iran, the issue of LNG export to India was discussed. Citing the SPA, GAIL requested Iranian authorities that GAIL should be given preference for such LNG export whenever Iran is able to supply LNG." | |
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