Jul. 28, 2014
Sumitomo Corporation signs Memorandum of Understanding with GAIL (India) Limited
Sumitomo Corporation (Head Office: Chuo-ku, Tokyo; President and CEO: Kuniharu Nakamura) (hereinafter referred to as “Sumitomo”) announced today that Sumitomo has entered into Memorandum of Understanding (hereinafter referred to as “MoU”) with GAIL (India) Limited (Head Office: New Delhi, India; Chairman and Managing Director: B.C. Tripathi) (hereinafter referred to as “GAIL”) to construct global cooperation with respect to natural gas and liquefied natural gas (hereinafter referred to as “LNG”) business.
Sumitomo plans to liquefy natural gas and export LNG from the Cove Point LNG terminal in Maryland, U.S.. (hereinafter referred to as “Project”) GAIL also participates in the Project and each company will evenly off take LNG from the terminal through its US subsidiaries.
Sumitomo continues to contribute to energy securities for Japan and for Asia, through natural gas and LNG businesses.
|<GAIL in brief>|
|Company Name||:||GAIL (India) Limited|
|Headquarter||:||New Delhi, India|
|Activity||:||natural gas/LNG procurement, city gas distribution, petrochemicals, etc.|
|Shareholders||:||President of India 56.11%|
|Life Insurance Corporation of India 7.56%, etc.|