New Delhi [India] August 28 (ANI): GAIL (India) Ltd. held its 40th Annual General Meeting (AGM) for the fiscal year 2023-24 where Chairman Sandeep Kumar Gupta said that GAIL is exploring the feasibility of setting up a world scale greenfield ethane cracker.
Gupta said the company is very optimistic about the growth of its petrochemical business and solidifying the presence of GAIL as a key player in the Indian Petrochemical industry through a diverse range of product offerings.
He said, “GAIL’s 500 KTA PDHPP Project at Usar, 60 KTA Poly-propylene plant at Pata, 1,250 KTA PTA plant at GMPL, Mangaluru and 50 KTA Isopropyl Alcohol (IPA) Project at Usar will diversify and expand GAIL’s existing petrochemical portfolio and provide robust growth in years to come. GAIL is also exploring the feasibility of setting up a world scale greenfield ethane cracker.”
He added that on the physical front GAIL has maintained its leadership in the natural gas sector with an existing network of 16271 km of natural gas pipelines.
Sandeep Gupta stated that the company is actively laying approximately 3400 km of new pipelines as part of its commitment to completing the National Gas Grid (NGG). The network’s availability was nearly 100 per cent ensuring a steady gas supply nationwide.
To ensure supply security Gupta underscored, “We have signed two 10-year LNG supply agreements starting in 2026: 1 MMTPA from Vitol Asia Pte Ltd Singapore and 0.5 MMTPA from ADNOC Gas UAE.
Additionally, GAIL’s volume of 4.5 MMTPA is now renewed under LNG SPA signed between Qatar Energy LNG and PLL with supplies commencing in 2028 for a period of 20 years.”
He added, “GAIL has also successfully onboarded and chartered the long-term LNG vessel GAIL Urja and has entered into a 14-year Time Charter Party agreement for a newly built LNG carrier. The time charter for this LNG carrier will begin in early 2025. GAIL’s fleet of five LNG carriers will enable the Company to meet the requirement of transporting contracted LNG volumes to India.”
He added, “Also GAIL’s joint venture company Mahanagar Gas Limited acquired two geographical areas in Maharashtra and one in Karnataka from a private entity. GAIL along with its group companies is now the largest City Gas Distribution (CGD) operator in India.
GAIL group of companies are authorized in 72 Geographical Areas across the nation out of the total 307 GAs. This year your Company along with its group Companies has added 11.06 lakh PNG connections and 422 CNG stations summing up to approximately 83.4 lakh PNG customers and 2770 CNG stations across the country.”
Gupta emphasized that GAIL has advanced its Net Zero target by five years.
He said, “Your Company is well-positioned to become a leader in the energy transition and your Board has approved the advancement of the Net Zero target by five years from early 2040 to 2035 to achieve 100 per cent reduction in Scope 1& Scope 2 emissions along with the revised roadmap to achieve the same.’
Gupta added, “Advancing its endeavours to reduce its carbon footprint GAIL has installed the country’s first MW scale Green Hydrogen electrolyzer in Vijaipur Madhya Pradesh. The 10 MW electrolyzer has a capacity of producing 4.3 TPD of Hydrogen through electrolysis using renewable power.”
In FY24, GAIL along with its group companies added 11.06 lakh PNG connections and 422 CNG stations, adding up to approximately 83.4 lakh PNG customers and 2,770 CNG stations. (ANI)
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