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Thursday, June 20, 2024

GAIL and CoolCo seal agreement for new LNG carrier

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In Short:

GAIL has signed a 14-year contract with Cool Company for a new LNG carrier that will start in 2025. GAIL can extend it for two more years. Currently, GAIL has four LNG carriers. GAIL aims to meet the increasing demand for natural gas in India. CoolCo CEO is pleased with the partnership. GAIL also operates a vast network of natural gas pipelines in India.


GAIL Partners with Cool Company for LNG Carrier

Exciting news coming from GAIL! The state-run company has just signed a 14-year Time Charter Party with Cool Company, a specialized liquefied natural gas (LNG) shipping company. This partnership will bring a new carrier to GAIL’s expanding fleet, as they continue to meet the growing demand for natural gas in India.

Expanding Fleet

GAIL will kick off the time charter for the LNG carrier in early 2025. They even have the option to extend the contract by two more years beyond the initial 14 years. Currently, GAIL already boasts four LNG carriers in its fleet, and this new addition will further strengthen its capabilities.

Exciting Future Plans

S Bairagi, GAIL’s Executive Director (Marketing – Shipping & International LNG) shared, “GAIL is eager to receive the LNG carrier as part of our ambitious plans to meet the increasing demand for natural gas in India.” The company is clearly focused on providing reliable and efficient transportation solutions for clean-burning LNG.

Positive Outlook

Richard Tyrrell, CEO of Cool Company, expressed his enthusiasm for this long-term partnership with GAIL. He mentioned, “The cutting-edge technology and exceptional economic and environmental performance of this new LNG carrier will ensure GAIL’s ability to transport LNG efficiently for many years to come.” This collaboration signifies a strong commitment to achieving sustainable and cost-effective LNG transportation.

GAIL’s Impressive Presence

In addition to its LNG operations, GAIL owns and operates an extensive network of over 16,200 km of natural gas pipelines across India. The company is actively working on multiple pipeline projects to further enhance its reach and impact. With approximately 70% market share in gas transmission and over 50% in gas trading, GAIL continues to play a significant role in the energy sector of India.

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