Gail to import LNG at $9.28 per mBtu

Gail India Ltd will import spot LNG cargo from Algeria at $9.28 er million British thermal unit.

"The first cargo is arriving on May 19 at Dahej terminal (in Gujarat) and two more cargoes are expected in June-July," Gail CMD told reporters in New Delhi.

Asked about the price, he said it was in the range of $8 to 9 dollars per mBtu. Company sources, however,said the ex-ship price of LNG was $9.28 dollars per mBtu.

This is the first LNG cargo that the company has bought from international spot market.

Royal Dutch/Shell had last month contracted an LNG cargo for its Hazira terminal, also in Gujarat, at a delivered price of about $8 per mBtu.

Banerjee also said 23 out of the 55 oil and gas blocks on offer in NELP-VI were attractive to Gail and the companmy was in dialogue for prospective foreign partners for making a bid.

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