Gail India Signs Gas Supply Agreement With Ongc
(ARYA)
Jul 7 2006
GAIL India signs gas supply agreement with ONGC For the gas supplies from ONGC Gail India has signed a gas supply agreement with Oil & Natural Gas Corporation Limited (ONGC) on July 07, 2006 for the gas supplies from ONGC oil and gas fields. Prior to the execution of this GSA, sale and purchase of gas between the two Companies was pursuant to a MoU executed in 1990 and extended further in 1999. The GSA signed has tenure of 15 years. The gas produced by ONGC from its fields in Western Offshore, KG Basin (Andhra Pradesh), Cauvery Basin (Tamil Nadu), Tripura, Gujarat, Assam etc. is sold to the company under this agreement. The company further markets this gas to downstream customers connected to the company's pipeline network, predominantly to power and fertilizer customers. Signing of the GSA between the companies further strengthens the relationship between these two Navratna companies on a long-term basis with due recognition of market forces and supply security.
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