GAIL India is in talks with Iran to revive a decade-old $22-billion LNG supply contract, the cheapest deal ever struck by an Indian firm.
Earlier on June 13, 2005, State-run gas utility had signed a Sale and Purchase Agreement (SPA) with National Iranian Gas Export Company (NIGEC) for buying 5 million tonnes a year of LNG on a long-term contract at a very attractive price of $3.215 per million British thermal unit. But Tehran never honoured the deal.
GAIL is India’s flagship natural gas company integrating all aspects of the natural gas value chain including exploration and production, processing, transmission, distribution and marketing and related services.
