Gas Authority of India (GAIL) is eying at medium-term (for one to 12 months) imported contracts to meet the growing gas demand amidst limited domestic supplies. It is looking at Russia, West Asia, and South-East Asia for sourcing liquefied natural gas.
In the January-March quarter of the current fiscal, the company plans to acquire four spot cargoes. It is sourcing cargo from Marubeni (Japan), Sonatrach (Algeria), Rasgas (Qatar), as well as a US-based company. It is in discussion with five-six players, including Macquarie Energy, to source LNG.
The company has posted a surge of 12.79% in its net profit of Rs 1091.42 crore for the quarter ended December 31, 2011 as compared to Rs 967.63 crore for the same quarter in the previous year. Total income has increased by 31.97% from Rs 8,574.21 crore for Q3FY11 to Rs 11,315.50 crore in the quarter under review.
