Japan’s MOL inks new LNG carrier charter deal with India’s GAIL

Japan’s shipping giant MOL has signed a new deal to charter one liquefied natural gas (LNG) carrier to India’s largest gas utility GAIL.

Last year, GAIL started using a newbuild LNG carrier it chartered from MOL to ship its US contracted volumes to India.

South Korea’s DSME built the 180,000-cbm GAIL Bhuwan.

MOL said in a statement on Wednesday it had agreed to share this vessel by transferring a portion of a MOL subsidiary’s shares to GAIL.

In addition, the firm signed a new charter deal for a 174,000-cbm newbuild LNG carrier built by DSME as well.

The charter for the 294.9 meters long X-DF LNG will start in 2023, according to MOL.

MOL did not provide any additional information regarding the new charter or the ownership of the new vessel.

“By strengthening MOL and GAIL’s partnership, there will be synergies that will make us to provide more reliable services, and this will lead us to extend our services even further against the demand that will grow in the future,” the firm said.

MOL said it would strengthen its presence and business base in India, where energy demand is expected to increase.

On the other hand, GAIL holds a stake in India’s largest LNG importer, Petronet LNG, and buys volumes under long-term LNG deals from Qatar and the US as well as from the spot market.

It also operates the 5 mtpa Dabhol LNG terminal in India.

“With the global LNG portfolio of around 14 mmtpa, GAIL has emerged as one of the leading global LNG players and is actively involved in the LNG trading business in the international market,” the statement said.

- Advertisements -

Most Popular

Shell launches largest bio-LNG plant in Germany

A unit of LNG giant Shell has launched what it says is the largest bio-LNG production plant in Germany. The...

Stena Bulk sells its last LNG carrier

Swedish shipping firm Stena Bulk has sold its last liquefied natural gas (LNG) carrier to an undisclosed Asian buyer. The...

Gulfstream LNG asks US FERC to start pre-filing process

Houston-based Gulfstream LNG is seeking approval from the US FERC to initiate the environmental pre-filing review for its mid-sized...

More News Like This

MOL says third LNG-fueled ferry to enter service in early 2025

Japan's shipping giant MOL expects its third LNG-powered ferry, Sunflower Kamuy, to enter service on the late-night Oarai-Tomakomai route...

SEFE rejects GAIL’s $1.81 billion claim over LNG supplies

SEFE Marketing & Trading Singapore, previously known as Gazprom Marketing and Trading Singapore, has rejected GAIL's $1.81 billion claim...

MOL secures loan to fund LNG-powered VLCC

Japan's shipping giant MOL has signed a deal with Sumitomo Mitsui Trust Bank to raise funds through a transition-linked...

Indonesia’s Pertamina says Jawa-1 LNG-to-power project ready to launch full ops

Indonesia’s Pertamina says that the Jawa-1 LNG-to-power project, which includes the 170,000-cbm Jawa Satu FSRU and a 1.76 GW...