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

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search