Home / Knowledge / News / Textiles / GAIL signs MoU with Japanese firm Sumitomo
GAIL signs MoU with Japanese firm Sumitomo
28
Jul '14
GAIL (India) Limited announced the signing of a Memorandum of Understanding (MOU) with Sumitomo Corporation, Japan (Sumitomo). Under the MOU, GAIL and Sumitomo will pursue business opportunities in natural gas and LNG value chain business globally, specifically covering cooperation in petrochemicals, natural gas procurement, pipelines and LNG.
 
GAIL and Sumitomo hold half of the capacity in the Cove Point LNG Liquefaction Terminal in the US respectively, and have also agreed to coordinate for ensuring smooth operation of the terminal. Both parties view US market as a growth area for their line of businesses and would cooperate on businesses ranging from upstream to downstream.
 
Mr. B.C. Tripathi, Chairman and Managing Director of GAIL (India) Limited, stated, "This is an important occasion for GAIL and we are happy to enter into this strategic relationship with Sumitomo with whom we are long term partners in Cove Point project. There are significant opportunities in the North American gas markets and we are pleased to be partnering with Sumitomo in jointly developing this business."
 
GAIL is India’s leading natural gas company with a presence along the entire hydrocarbon value chain spanning E&P, LNG, pipelines, LPG, petrochemicals, city gas distribution, etc. In USA, GAIL has a wholly owned subsidiary, GAIL Global (USA) Inc, which has acquired stake in Eagle Ford shale acreage. Further GAIL has long term LNG contracts with Sabine Pass and Cove Point terminal for import of 5.8 MMTPA of LNG .
 
Sumitomo is one of the world’s leading fully integrated trading and investing enterprises headquartered in Tokyo, Japan. Besides its role as an international trader, Sumitomo is an active investor in a diverse range of businesses such as metal, mineral resources, energy, chemical, etc. Sumitomo’s subsidiary, Pacific Summit Energy LLC, is a significant player in natural gas trading and marketing (physical and financial) in USA. Sumitomo has also invested in shale gas/tight oil assets in USA.
 

GAIL


Must ReadView All

Uzbekistan wants joint ventures with Hungarian textile firms

Textiles | On 20th Feb 2018

Uzbekistan wants joint ventures with Hungarian textile firms

Uzbekistan has offered Hungary to create joint ventures in the two...

Vietnam’s textile & garment exports up 10.68% in 2017

Textiles | On 20th Feb 2018

Vietnam’s textile & garment exports up 10.68% in 2017

Vietnam came very close to achieving its 2017 textile and garment...

From left: Tania Polonnowita Wettimuny, MD, Hellmann Sri Lanka; Bart de Vries, Global COO Air & Sea Hellmann; Deshamanya Mahesh Amalean, Chairman, MAS Holdings; & Shirendra Lawrence, COO, MAS Holdings

Textiles | On 20th Feb 2018

Hellmann and MAS form joint venture HMSC

Hellmann Worldwide Logistics and MAS Holdings have formed Hellmann...

Interviews View All

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search