India’s gas utility company GAIL is seeking to revive an LNG deal with Iran dating back from 2005 as steps on lifting of sanctions against Iran gain momentum.

The agreement relates to a $ 22-billion LNG supply contract signed with National Iranian Gas Export Company (NIGEC) for the purchase of 5 million tonnes a year of LNG at a $3.215 per million British thermal unit.

“Dialogue has been initiated with Iranian counterparts to revive the LNG supply longterm SPA,” the Economic Times writes citing GAIL’s business results.

As informed, Iran has not yet officially responded to GAIL’s approaches and would need to first complete its LNG terminal under development at Tombak Port, before it moves ahead with the deal.

The Bombay Stock Exchange informed today that it has also sought clarification from Gail (India) Ltd with respect to the talks and said it was still waiting a reply.

(From: World Maritime News)