Barcelona-based Gas Natural Fenosa signs an estimated €1 billion contract with Indian Gail
The Catalan multinational company will provide Gail, the largest gas distributor in India, around 3 bcm of liquefied natural gas for three years. This quantity represents 10% of Spain’s annual gas consumption. Gas Natural Fenosa refused to disclose the value of the contract, but sources from the sector estimate it would be worth more than €1 billion. This would be the largest contract in Asia for this Barcelona-based company, which has a significant presence in South America.
Barcelona (ACN).- Gas Natural Fenosa has signed with Gail, the largest gas distributor in India, a \u20AC1 billion contract to sell liquefied natural gas (LNG) to the Asian country. The Catalan multinational company will sell Gail 3 bcm of LNG for the three years. This quantity represents 10% of Spain\u2019s total LNG consumption in one year. Despite that the Barcelona-based company has refused to disclose the exact quantity of the contract, sources from the sector have estimated it might be worth more than \u20AC1 billion. This would be Gas Natural\u2019s largest contract in Asia. The Catalan company has a strong presence in South America and in Europe, and it has aimed to foster its presence in Asia and the Pacific markets as part of its growth strategy. With this contract, the Catalan company strengthens its position in India, one of the economies with the greatest growth potential. The international activities of the Barcelona-based company represented 42.2% of its EBITDA during the first half of the current year.