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First by an Indian PSU: GAIL scouting for 26% stake in US-based LNG project

Is open to either an existing plant or one scheduled to be commissioned by 2026-27; also wants to source one mtpa of gas the LNG liquefaction plant/project on FOB basis for 15 years

Subhayan Chakraborty New Delhi

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Photo: Reuters

3 min read Last Updated : Feb 17 2023 | 11:48 PM IST

State-owned GAIL (India) has floated an expression of interest (EoI) to acquire up to 26 per cent equity in a Liquified Natural Gas (LNG) liquefaction plant or project in the United States. The move represents the first attempt by an Indian public sector undertaking to own an energy asset in the US, which remains the third-largest source of LNG for the country.

According to documents posted on the company's website on Thursday, GAIL is open to acquiring a stake either in an existing plant or one scheduled to be commissioned by 2026-27. The last quarter of that year is when GAIL wants to tentatively commence the supply of LNG.

"In addition, GAIL is interested, directly or through any of its affiliates, to source one million tonnes per annum (mtpa) of LNG from the LNG liquefaction plant/project on FOB basis for a period of 15 years on mutually acceptable terms and conditions," the company said in the EoI.