Three firms vie for Indian gas firm GAIL's tender to buy into U.S. LNG project
Three companies are competing for GAIL India's tender to acquire up to a 26% stake in a liquefied natural gas (LNG) project in the United States, its Chairman Sandeep Kumar Gupta said on Thursday.
Last year, GAIL issued a tender to buy up to a 26% stake in an LNG project in the United States, combined with a 15-yr gas import deal (learn more).
India's largest gas distributor invited initial bids from companies as it seeks to buy equity in an existing LNG liquefaction project or a new project that would be commissioned by 2030 at the latest.
The United States is already the second-biggest supplier to India, one of the world's fastest-growing economies, while Qatar is its largest LNG supplier.
State-run GAIL wants 1 metric MMtpy of LNG from a U.S. plant on a free-on-board basis for 15 yrs, and has said the deal could be extended by 5 yrs–10 yrs.
India is the world's fourth-largest LNG importer and aims to raise the share of gas in its energy mix to 15% by 2030 from 6% currently.
More supplies are likely to come into the market as prices are "normalizing," Gupta said on the sidelines of the India Energy Week conference. "Supply is not a concern, as more volumes are coming in from Argentina, Canada, Alaska and Qatar.”
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