GAIL rises on plan to sign gas-supply pact with Vega Energy Partners

GAIL (India) is currently trading at Rs. 476.80, up by 2.10 points or 0.44% from its previous closing of Rs. 474.70 on the BSE. The scrip opened at Rs. 471.10 and has touched a high and low of Rs. 479.70 and Rs. 470.00 respectively. So far 43765 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 551.35 on 31-Oct-2014 and a 52 week low of Rs. 323.50 on 27-Nov-2013. Last one week high and low of the scrip stood at Rs. 502.00 and Rs. 469.25 respectively. The current market cap of the company is Rs. 60576.14 crore. The promoters holding in the company stood at 56.11% while Institutions and Non-Institutions held 40.01% and 2.32% respectively. State-run gas utility GAIL India is reportedly planning to sign a gas-supply agreement with Houston-based Vega Energy Partners soon. The deal is for supplying gas to the Cove Point LNG Terminal project located at Lusby in Maryland, US. Vega Energy Partners is engaged in the management, optimization, and development of natural gas assets. The $3.8-billion Cove Point LNG project is owned by Dominion Cove Point LNG, LP with which GAIL had signed a terminal service agreement in April 2013 (through GAIL Global (USA) LNG LLC) for booking 2.3 million tonnes per annum (mtpa) liquefaction capacity in Cove Point LNG Terminal. Earlier in November, the company signed a Memorandum of Understanding (MoU) with State Oil Company of Republic of Azerbaijan (SOCAR). Under the MoU, GAIL and SOCAR intend to jointly pursue LNG opportunities through capacity booking, LNG procurement and promotion of LNG projects globally. GAIL is India’s flagship natural gas company integrating all aspects of the natural gas value chain including exploration and production, processing, transmission, distribution and marketing and related services.