GAIL India eyes Repsol assets in Canada, Peru, Trinidad

SINGAPORE Tue Sep 11, 2012 2:36pm IST

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SINGAPORE (Reuters) - GAIL (India) Ltd (GAIL.NS) confirmed media reports that it is considering buying liquefied natural gas (LNG) assets put up for sale by Spain's Repsol SA (REP.MC) in Canada, Peru, and Trinidad.

GAIL was reported to be interested in Repsol's Canaport LNG terminal in Canada, but Rajeev Mathur, executive director of GAIL, said the company was looking at all of the LNG assets that Repsol was putting up for sale.

"Canaport is just one part of the story; there are many other assets along with it like Peru LNG, like Trinidad (LNG), along with shipping and so many other things," Mathur told reporters on the sidelines of an LNG industry conference on Tuesday. "We are looking at it. If we see some merit, we will take it forward."

Mathur said he could not comment on the likelihood of GAIL picking up the assets Repsol was looking to sell.

GAIL is also set to commission its Dabhol LNG terminal, which has been repeatedly pushed back, in mid-December of this year, Mathur said.

"We are creating additional import capability that will allow more gas to come in... as demand grows, we'll look for more short-term requirements," he said.

GAIL is looking for additional LNG supplies to meet rapidly growing global demand, Mathur said, but declined to say whether the company was focusing on any particular regions.

Low domestic gas prices in India have often left Indian buyers at a disadvantage to top buyers such as Japan and South Korea that are often willing and able to pay premium prices for supply security.

"It's a challenge, but we've been able to meet it. Both buyers' and sellers' expectations have been met," Mathur said.

(Editing by Jacqueline Wong and Chris Lewis)

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