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.

Most Popular

Cheniere to start site preparation for two more Corpus Christi LNG trains

US LNG exporting giant Cheniere is seeking approval from the US FERC to start site preparation activities for two more midscale trains at its Corpus Christi LNG plant in Texas.

Amigo LNG, Sahara seal 20-year SPA

Amigo LNG, a unit of LNG Alliance, has signed a 20-year sales and purchase agreement with Sahara Group to supply the latter with liquefied natural gas from its planned 7.8 mtpa LNG export plant in Mexico.

Woodside names Sarah Bairstow as Louisiana LNG head

Australian LNG player Woodside has appointed Sarah Bairstow to lead its Louisiana LNG project.

More News Like This

India’s GAIL seeks stake in US LNG project

India’s largest gas utility, GAIL, has launched a tender to take equity and buy volumes from a US LNG export project.

MOL inks deal with Tokyo Gas for wind-assisted LNG carrier

Japan's shipping giant MOL has joined forces with a unit of compatriot city gas supplier and LNG importer Tokyo Gas on an LNG carrier equipped with wind-assisted ship propulsion systems.

VesselsValue: South Korea’s LNG carrier orderbook worth $71.3 billion

South Korean yards have 276 LNG carriers worth $71.3 billion on order, according to the newest data by Veson Nautical’s VesselsValue.

MOL sells steam LNG carrier for scrap

Japan's shipping giant MOL has sold one steam liquefied natural gas (LNG) carrier for scrap, according to brokers.