'GAIL to begin LNG imports under new pacts from $26, adds 1 new ship

State-owned gas utility GAIL (India) Ltd will start importing LNG under two new contracts from 2026 and has added one more ship to transport the fuel, its Chairman Sandeep Kumar Gupta said on Wednesday.

The company had in January this year signed back-to-back deals to import liquefied natural gas (LNG). It first signed deal to import 1 million tonnes of LNG from Dutch energy trader Vitol for 10 years and then another agreement to buy 0.5 million tonne per annum of LNG from UAE's ADNOC-Gas.

GAIL conducted its 40th Annual General Meeting (AGM) for the fiscal year 202324 today, with shareholders and stakeholders participating through a virtual platform for the fifth consecutive year.

The meeting, presided over by the Chairman, highlighted GAIL's robust financial performance, significant operational achievements, and its unwavering commitment to sustainable energy practices. The Chairman announced that GAIL had achieved outstanding financial results during FY 2023-24.

The company reported a Profit Before Tax (PBT) of Rs 11,555 crore, reflecting a 75 per cent increase from Rs 6,584 crore in FY 2022-23. The Profit After Tax (PAT) surged by 67 per cent to Rs 8,836 crore, compared to Rs 5,302 crore in the previous fiscal year. Although the Revenue from Operations saw a slight decrease to Rs 1,30,638 crore from Rs 1,44,302 crore, the company achieved its highestever capital expenditure (capex) of Rs 11,426 crore.