GAIL, EDF Trading bid for Repsol's LNG business

A consortium led by state-owned GAIL (India) Ltd, the country's main gas transporter, and French liquefied natural gas (LNG) giant EDF Trading have bid for Spanish oil and gas company Repsol's LNG business, GAIL's chairman yesterday said.

The consortium had tabled the bid about two months ago, B C Tripathi yesterday said. Without naming the company, he added that a third partner was also involved in the bid.

Although the bid had been placed some time back, GAIL and EDF Trading last week signed an agreement to jointly acquire and develop upstream oil and gas assets in North America and to be partners in trading and optimisation of US gas, including LNG.

Repsol has put its LNG assets in Canada, Trinidad and Tobago, Peru and Spain up for sale after Argentina seized its YPF unit and refused to pay $10.5 billion for its 51 percent stake in YPF.

According to some media reports, the GAIL- EDF consortium has not bid for the entire LNG assets but those at Canaport, Respol's underutilised LNG import hub located in eastern Canada.

The sale is expected to fetch Repsol around $2.7 billion.