New Delhi: State-owned Gas Authority of India Ltd said it had sold the entire quantity of the Liquefied Natural Gas (LNG) spot cargo bought from Algeria.
The LNG, equivalent to 80 MMSCM of natural gas, was sold to National Thermal Power Corporation, Delhi Vidyut Board, Birla Copper and some others.
"The Indian gas market has now attained full maturity despite all speculations. This summer, consumers can look forward to cheaper power produced from LNG rather than Naptha," GAIL Chairman and Managing Director Proshanto
Banerjee said in a statement.
The company is in discussion with major suppliers for bringing more LNG cargoes from South East Asia, Middle East and North Africa.
Touted as the most expensive LNG till date, the cargo of 1.35 lakh cubic metre was bought at an ex-shipment price of about $9.28 million per metric British thermal unit (mmbtu).
After adding various taxes and other costs, this translates into a delivered price of $11.64 per mmbtu if sold outside Gujarat and $12.04 dollar per mmbtu if sold within Gujarat.
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