GAIL opens natural gas trading desk in Singapore
02 Nov 2011
GAIL (India) Limited, the state-owned natural gas trading company today announced the opening of its trading desk in Singapore. GAIL will operate the trading office through its subsidiary GAIL Global (Singapore) Pte Ltd (GGSPL).
The new office will operate from Wangz Business Centre, Suntec Tower One, 7 Temasek Boulevard, Singapore, B C Tripathi, chairman and managing director of GAIL, said today.
GAIL Global (Singapore) Pte Ltd, which was set up as an overseas investment arm of GAIL, will now focus on activities such as sourcing and trading in gas and petrochemicals. The company would undertake purchase and sale of LNG cargoes on spot / short-term for trading.
GAIL Global has, so far, made investments in China, Egypt and other countries and would be pursuing opportunities for further investment in different countries.
GAIL (India) Limited, India's largest gas marketing and transportation company, has a 70-per cent market share of gas transmission in the country. The company has been progressively increasing its LNG imports, mainly to meet rising demand for natural gas in thee domestic market.
A trading desk in Singapore, which is located between demand centres like Japan, South Korea China and India, and supply centres like Southeast Asia, the Middle East and Australia offers good locational advantage, GAIL said in a release.
