GAIL signs agreement with U.S.’s Chenerie Energy
MUMBAI |
MUMBAI (Reuters) – State-run gas utility GAIL (India) Ltd has signed a pact with a unit of Cheniere Energy Partners, L.P., USA for supply of 3.5 million tonnes of liquefied natural gas annually, it said in a statement on Sunday.
The supply and purchase agreement with Sabine Pass Liquefaction, LLC, will ensure LNG supply for twenty years with deliveries commencing in 2017, the statement said.
Under the agreement, which is valid for twenty years with an extension option of up to ten years, GAIL will pay Sabine Liquefaction as per contractual provisions.
No financial details were immediately available.
Shares of GAIL, which the market values at $9.6 billion, ended 0.77 percent down at 392.6 rupees in a weak Mumbai market on Friday.
(Reporting by Nandita Bose; Editing by Sanjeev Miglani)
Article source: http://feeds.reuters.com/~r/reuters/INbusinessNews/~3/GjxCSQWn9lg/gail-agreement-idINDEE7BA03H20111211
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