Barcelona-based Gas Natural Fenosa signs an estimated €1 billion contract with Indian Gail

Barcelona (ACN).- Gas Natural Fenosa has signed with Gail, the largest gas distributor in India, a €1 billion contract to sell liquefied natural gas (LNG) to the Asian country. The Catalan multinational company will sell Gail 3 bcm of LNG for the three years. This quantity represents 10% of Spain’s total LNG consumption in one year. Despite that the Barcelona-based company has refused to disclose the exact quantity of the contract, sources from the sector have estimated it might be worth more than €1 billion. This would be Gas Natural’s largest contract in Asia. The Catalan company has a strong presence in South America and in Europe, and it has aimed to foster its presence in Asia and the Pacific markets as part of its growth strategy. With this contract, the Catalan company strengthens its position in India, one of the economies with the greatest growth potential. The international activities of the Barcelona-based company represented 42.2% of its EBITDA during the first half of the current year.