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GAIL-EDF combine bid for Repsol's Trinidad and Tobago assets

Last Updated: Friday, February 15, 2013 - 19:33

New Delhi: State-owned gas firm GAIL (India) Ltd and US arm of France's EDF group have placed a joint bid to acquire some of Spanish energy company Repsol SA's LNG assets in Trinidad and Tobago.

"We have placed a non-binding bid," GAIL Chairman and Managing Director B C Tripathi told reporters here.

Repsol has put on sale its gas assets in Canada, Peru and Trinidad & Tobago.

Refusing to divulge details, Tripathi said the bids, which were submitted recently, were initial and non-binding in nature and GAIL-EDF combine will make a financial bid only once they are shortlisted.

GAIL had last week tied-up with EDF Trading for jointly acquiring oil and gas assets in North America and trading of US gas/LNG.

The Memorandum of Understanding (MoU) entailed the two firms jointly acquiring shale gas assets in North America as well as the French firm investing in downstream trading and marketing venture in India.

GAIL already has a 20 percent stake in Carrizo Oil's Eagle Shale gas assets in Texas, US and has also signed to import 3.5 million tonnes of liquid gas, called LNG, from Cheniere Energy's Sabine Pass shale gas project in Louisiana.

The company is looking at tying up more liquefied natural gas (LNG) from the US.

The venture with EDF would not just be for sourcing and trading of gas from US, but also outside North America as well.

EDF Trading is one of the world's leading participants in the LNG market and offers a complete range of services including supply and delivery, terminal operations, re-gasification and nominations into networks.


First Published: Friday, February 15, 2013 - 19:33
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