State-owned gas firm GAIL (India) along with US arm of France's EDF group have placed a joint non-binding bid for one of the world’s biggest liquefied natural gas (LNG) projects - the 11.5 million tonne per annum (mtpa) Atlantic LNG located in Trinidad and Tobago, owned by Spain’s Repsol and other energy majors.
Repsol, which is Spain’s biggest integrated oil and gas player, is currently saddled with a massive debt burden and has been looking to sell its stake in the profitable Atlantic project since last year. However, both the companies will make a financial bid only on being shortlisted.
Country’s largest natural gas company Gail, had in the first week of February inked a memorandum of understanding (MoU) with EDF Trading for jointly acquiring and developing the upstream oil and gas assets in North America and to partner in trading and optimization of US gas and LNG. The MoU was signed on February 2, 2013.
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.
