GAIL Signs 10-Year LNG Supply Deal With Vitol

GAIL India has signed a long-term agreement with Vitol Asia for the supply of 1 million tonne per annum of liquefied natural gas over a 10-year period starting in 2026, the company said on Tuesday.

The deal is part of GAIL’s strategy to expand its long-term LNG portfolio. Under the agreement, Vitol will supply LNG from its global network.

India, now the world’s fourth-largest LNG importer, is seeing growing demand for natural gas, driven by the government’s aim to raise the fuel’s share in the energy mix to 15% by 2030, from the current 6%.

GAIL added that India’s LNG regasification capacity has almost doubled over the past decade, rising from 21 million tonne per annum in 2014, reflecting the increasing role of gas in the country’s energy roadmap.