EDF Trading and GAIL sign MOU
EDF Trading and GAIL today announced the signing of a Memorandum of Understanding (MOU) to jointly acquire and develop upstream oil and gas assets in North America and to partner in trading and optimization of US gas and LNG.
The MOU was signed on Saturday 2nd February 2013 in the presence of Dr. M Veerappa Moily, the Honourable Minister of Oil and Gas, Government of India. “The advent of shale gas in the US bodes very well for the global hydrocarbon landscape and this partnership is expected to look for business opportunities in this exciting space in order to enhance the oil and gas sourcing prospects for India”, he said.
Mr, B.C. Tripathi, Chairman and Managing Director of GAIL (India) stated that “This is an important occasion for GAIL and we are happy to enter into this strategic relationship with EDFT, a major player in the US gas market. GAIL has extensive infrastructure in the midstream and downstream gas value chain and we are well positioned to meet the growing domestic demand in India”
"There are significant opportunities in the North American gas markets and we are pleased to be partnering with GAIL, one of the world's leading gas companies, in jointly developing this business”, said John Rittenhouse, Chief Executive of EDF Trading. We are looking forward to building a long term relationship with GAIL", he said.
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. It has master agreements with the majority of the market’s key participants and long term supply contracts in place in Asia and the Middle East.
GAIL is India’s premiere gas company with a presence along the entire hydrocarbon value chain spanning E&P, LNG, pipelines, LPG, city gas distribution etc.
For further information, please contact:
Michele Reid, Head of Communications
Tel: +44 (0) 20 7061 4232
About EDF Trading
EDF Trading is a leader in the international wholesale energy markets. It has its own portfolio of assets which give it the ability to source, supply, transport, store, blend and convert physical commodities around the world. These capabilities enable EDF Trading to deliver essential asset optimisation services, risk management and wholesale market access to the EDF Group and its third party customers, helping them to realise the value inherent in their asset portfolios.
EDF Trading is one of the largest participants in the global power, gas, coal, freight, oil and environmental products markets. It is one of the top buyers of carbon credits from global CDM projects and has one of the most mature portfolios in the market. It is the largest importer of coal into Europe, a pioneer in the biomass market, a recognised leader in weather derivatives, one of the largest providers of market services to the wholesale gas and power sectors in North America with 26,000 MW of generation under management and the leading electricity trader in Europe. It is also an active participant in US crude oil marketing and transportation.
EDF Trading is a 100% owned subsidiary of EDF, Europe’s leading electricity producer, a major player in renewable energies, a significant participant in the worldwide revival of nuclear energy with a growing presence in the natural gas industry.
For more information on EDF Trading, please visit www.edftrading.com.
EDF Trading and GAIL sign MOU