GAIL (India) Ltd and EDF Trading today announced the signing of a memorandum of understanding (MoU) to jointly acquire and develop upstream oil and gas assets in North America and to partner in the trading and optimisation of US gas and LNG.
The MoU was signed on February 2.
EDF Trading is one of the world’s leading participants in the LNG market and offers a complete range of services including supply and delivery, terminal operations, re-gasification and nominations into networks.
It has master agreements with the majority of the market’s key participants and long-term supply contracts in Asia and West Asia.
B.C. Tripathi, Chairman and Managing Director of GAIL (India) Ltd said, “This is an important occasion for GAIL and we are happy to enter into this strategic relationship with EDFT, a major player in the US gas market. GAIL has extensive infrastructure in the mid-stream and downstream gas value chain and we are well positioned to meet the growing domestic demand in India.”
“There are significant opportunities in the North American gas markets and we are pleased to be partnering with GAIL, one of the world’s leading gas companies, in jointly developing this business,” said John Rittenhouse, Chief Executive of EDF Trading. “We are looking forward to building a long-term relationship with GAIL,” he said.