In order to fulfill nation's growing energy needs, state-owned GAIL (India) is looking to buy a sizeable stake in Russia's planned 10-million tonnes (mt) LNG plant at Vladivostok on the Pacific coast and import natural gas from the $7-billion project, as mentioned in few media reports. In return for a stake, GAIL is also to comfortable picking up half of LNG the Vladivostok plant would produce.
With the monopolistic operations of Gazprom, this plant will eventually start pumping out the liquidfied gas by 2016 or 2017. Switching focus to LNG exports from Far East Russian fields to South-East Asian market, Gazprom plans to put up a pipeline from the Chayanda gas field in East Siberia to the proposed Vladivostok LNG facility.
On standalone basis, the company posted a rise of 15.14% in its net profit at Rs 1133.78 crore for the quarter ended June 30, 2012 as compared to Rs 984.67 crore for the same quarter in the previous year. Total income of the company increased by 25.01% to Rs 11,112.00 crore for quarter under review as compared to Rs 8889.00 crore for the quarter ended June 30, 2011.
GAIL (India) is the largest natural gas transmission company in India, with interests in transmission, distribution, processing, and downstream petrochemicals. GAIL operates over 8,600 kilometres of natural gas pipeline, accounting for approximately 74% of all gas transmitted in India.
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