GAIL Buys Three Natural Gas Cargoes For November-December: Report

New Delhi: Gas firm GAIL (India) Ltd has bought three cargoes of liquefied natural gas (LNG) for deliveries in November and December, two trade source said.

The state-run firm was seeking one cargo for October and two each in November and December.

Indian demand for gas has been rising after the government last year announced concessions for imports of the super cooled gas to boost power generation in the country.

GAIL has bought two cargoes for November from Shell and GAIL Global (Singapore) Pte Ltd - the trading subsidiary of the Indian firm, the sources said, adding that Qatar's Rasgas would supply the December cargo.

The cargoes have been purchased at prices of $5.75-$6 per million British thermal unit (mmBtu), they said.

One of the sources said Rasgas had supplied the cargo on a delivered basis at a price close to $6 per mmBtu.