Gujarat Gas signs gas sales and transportation contract with Gail India

Gujarat Gas Company Ltd has executed a fully termed gas sales and transportation contract (GSTC) with GAIL (India) Ltd (GAIL) for the purchase of gas from the Panna-Mukta and Tapti fields.

The GSTC supersedes the previously executed term sheet of 31 March 2008, pursuant to which PMT gas has been sold to GGCL to date, Gujarat Gas Company said in a filing with the Bombay Stock Exchange (BSE).

The GSTC will now constitute the entire agreement between the parties in respect of the sale, purchase and transportation of PMT gas up to 2.13 mmscmd depending on the production from the PMT fields, the company said.

Pursuant to the directive from the ministry of petroleum and natural gas, GGCL was allocated up to 2.13 mmscmd of PMT gas to be sold by GAIL.

The Gujarat Gas Company Ltd stock closed at Rs325.75, down Rs3.15 or 0.96 per cent on the BSE. The stock hit an intraday high of Rs338 and a low of Rs320.85. The total traded quantity was 1.25 lakh compared to 2 week average of 2.37 lakh.