GAIL (India) Ltd, the state-run natural gas distributor, expects to secure about 20% to 25% of its supply of liquefied natural gas (LNG) on a short-term or spot market basis, Reuters reported quoting a company official.
The rest of the LNG will be via long-term contracts, GAIL’s marketing director, Sanjay Kumar said at the Gastech industry conference in Singapore on Thursday, as per the report.
He added that the company would tap spot markets to meet seasonal demand or volatility, the report said.
Meanwhile, in the quarter ended June 2023, GAIL (India) reported a decline of 45% in consolidated net profit at ₹17.93 billion as compared to ₹32.50 billion in the corresponding period last year.
The state-run gas distributor’s revenue from operations in Q1FY24 fell 13% to ₹328.48 billion, compared to ₹379.42 billion in the year-ago period.