GAIL Close to US LNG Deal

GAIL Ltd is in the final stages of signing a 20-year deal to import 2 million tonnes of liquefied natural gas annually from the US east coast, the Times of India reported, citing sources close to the development.

The report did not name the US company but said that the deal is expected to be in the region of $12 billion.

Senior GAIL executives and officials of the ministry of petroleum and natural gas were in the US last week to finalise the deal, it added.

GAIL, the report said, had initiated talks with three other US shale gas companies that plan to export liquid gas on the east coast, but that the talks have faltered on their price offer.