To strengthen its foothold abroad, state-run GAIL India Ltd has placed a joint bid with EDF Trading of France for Spanish oil and gas major Repsol’s assets in Trinidad and Tobago.
Confirming the development, Chairman and Managing Director B C Tripathi said, “We are looking for Repsol’s Trinidad and Tobago liquefied natural gas assets, with EDF.” The Maharatna major is also looking at Repsol’s Canaport LNG terminal and Stream, a joint venture LNG marketing and transport company by Repsol and Gas Natural LNG.
GAIL net rises 18%
GAIL on Friday reported an 18 per cent rise in the December quarter net profit at Rs 1,285 crore on the back of higher revenues from gas trading.
GAIL posted a net profit of Rs 1,285 crore during October-December compared with Rs 1,091 crore in the same period a year ago, Tripathi said.