GAIL's Algerian LNG Cargo sold out

Mumbai, June 2 (UNI) The state owned gas transporter GAIL India has sold out the entire quantity of the first ever LNG spot cargo bought from Algeria.

Announcing this to BSE, the company said the LNG, equivalent to 80 MMSCM (million metric square cubic metre) of natural gas, was sold to consumers such as NTPC, Delhi Vidyut Board, Birla Copper and some others.

Commenting on the development, GAIL India's Chairman and Managing Director Proshanto Banerjee said the Indian gas market has now attained full maturity despite all speculations and this summer, consumers can look forward to cheaper power produced from LNG rather than Naphtha.

With this successful marketing of spot LNG, the domestic gas market is aligned with the global gas market.

The company is in discussion with major suppliers for bringing more LNG cargoes from South East Asia, Middle East and North Africa.

The first spot cargo of LNG from M/s Sonatrach, Algeria was received on May 20 this year at Dahej.

UNI SN MJ AG1637