GAIL looks for foreign project stakes, long-term contracts

GAIL looks for foreign project stakes
Country's leading oil and gas explorer, Gas Authority of India Ltd (GAIL) is in search of various proposals for equity stakes and long-term supply contracts focusing on the United States, West Asia and South-east Asia.

Government-owned gas company has planned this strategy in a bid to match supply with rising domestic demand by grabbing new overseas energy supplies.

While talking to the media, BC Tripathi, Chairman, GAIL said, "There are many proposals we are discussing, which includes projects in the United States, West Asia and South-east Asia." However, he refused to give any detail in this regard.

"It is difficult to give a timeframe because we have to settle on a price, which is a major issue in India," he added.

In the Indian market there is a scarcity of gas for which the country has to depend on import to fulfill the demand.

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