GAIL likely to finalise deal with Iran

State-run GAIL India Limited has begun talks with Iran to revive a decade-old $22-billion LNG supply contract, Bureaucracy Today has learnt.

GAIL, IOC and BPCL has signed a Sale and Purchase Agreement (SPA) with National Iranian Gas Export Company (NIGEC) in 2005 but the deal was not finalised.

The move comes amid historic nuclear deal with the US and other world powers which resulted in end of decade old sanctions. As per the 2005 agreement, GAIL will buy 2 mt per annum of LNG from Iranian firm while refiner Indian Oil Corporation had signed for 1.75 mt and Bharat Petroleum Corp Ltd (BPCL) was to take another 1.25 mt.

https://www.bureaucracytoday.com/psumarket.aspx?id=78234