Natural Gas Utilities

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Lietuvos dujos AB Updates on Establishment of Subsidiary

Tuesday, 29 Oct 2013 08:00pm EDT

Lietuvos dujos AB announced that its Board of Directors has adopted the decision to establish a subsidiary, the legal form of which is a private limited liability company and to which the natural gas distribution activity of the Company will be later transferred together with the assets, rights and obligations attributed to such an activity. The authorized capital of the subsidiary will amount to LTL 1,000,000. The decision to establish the subsidiary was adopted in accordance with the provisions of the Law on Natural Gas of the Republic of Lithuania and other legal acts of the Republic of Lithuania regulating the unbundling of the distribution activity. The extraordinary General Meeting of Shareholders of the Company held on May 28, 2012 adopted the decision to perform the unbundling of the distribution activity of the Company by establishing the subsidiary of the Company and by transferring the Company’s natural gas distribution activity (complex of assets) to such subsidiary together with the assets, rights and obligations attributed to such activity as the contribution in kind for the shares of the subsidiary in accordance with the terms provided for by the legal acts. It is expected that the legal, functional, and organizational unbundling of the distribution activity will be completed not later than by October 31, 2014 as provided by legal acts.

GAIL (India) Ltd Plans To Open Office In Dubai To Explore Opportunities-Business Standard

Monday, 15 Jul 2013 08:47am EDT

Business Standard reported that GAIL (India) Ltd plans to open an office in Dubai soon, a senior official said. GAIL's Director (Marketing) Prabhat Singh said, the Company have opened it's wholly owned subsidiary, namely, GAIL Global (Singapore) Pte Ltd in Singapore for managing investments abroad and the Company looking for further business opportunities through this subsidiary company.

Egypt Gas Co to Open Branch in Iraq

Monday, 17 Jun 2013 08:00pm EDT

Egypt Gas Co announced that its Board of Directors has approved the opening of a branch in Iraq.

GAIL (India) Ltd Plans Foray Into LNG Shipping-Business Line

Monday, 27 May 2013 08:00pm EDT

Business Line reported that GAIL (India) Ltd said it targets to foray into liquefied natural gas (LNG) shipping business post 2017. In July, the public sector company plans to invite expressions of interest (EoI). B.C. Tripathi, Chairman and Managing Director of India’s natural gas distributor said that around seven-eight LNG carriers would be available with the Company in the next three-four years on a long term charter or ownership basis. However, till 2017, GAIL would depend on spots cargoes on delivery basis. GAIL has signed long term agreements for 3.5 million tonnes per annum with US based Sabine Pass Liquefaction Company that would start in 2017-2018. The Company has also signed long term deal with Gazprom for 2.5 million tonnes a year from 2018-2019.

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