New Delhi : State-owned gas utility GAIL India Ltd said it will spend over USD 1 billion in buying US shale gas assets, some of which may be in through a new gas sourcing joint venture it is discussing with French energy trader EDF Trading.
“We are in discussions with EDF to form a joint venture for sourcing of natural gas and trading in US,” GAIL Chairman and MD B C Tripathi said.
GAIL will sign a MoU with EDF on Saturday that may also also lead to the two firms jointly buying shale assets in North America as well as the French firm investing in downstream trading and marketing venture in India, he said. GAIL already has a 20 % stake in Carrizo Oil’s Eagle Shale gas assets in Texas, US and has also signed to import 3.5 million tons of liquid gas, called LNG, from Cheniere Energy’s Sabine Pass shale gas project in Louisiana. — PTI