The MAN OF THE HOUR
Mr.B.C.Tripathi, CMD, GAIL was conferred with “Best LNG Executive Global award” for the year 2013. The award was presented during the CWC’s 9th WORLD LNG SUMMIT being held in Paris from 18.11.2013 to 21.11.2013. Sh.B.C.Tripathi was chosen for his outstanding contribution in the development of global LNG industry. This award was in recognition of his dynamism and leadership skills to steer GAIL forward which is distinctly reflected in GAIL’s landmark achievements in LNG Sourcing in the recent past.
Speaking on this occasion, Mr.B.C.Tripathi briefly mentioned about GAIL’s immediate plan including venturing in LNG shipping to bring LNG volume from US, doubling Dabhol Terminal capacity, upstream investment in emerging source countries, Floating LNG re-gas terminal in Andhra Pradesh along with GDF Suez and SHELL.
Mr.B.C.Tripathi also mentioned that 1 MMTPA of US volume has been allocated to GAIL’s subsidiary GGSPL in Singapore for global market as it will help to develop requisite skill sets and competence within the company and thereby expand the business in the global LNG market in self-sustaining manner.
Sh.Tripathi emphasized that going forward, innovative new business models are essential for LNG industry which can provide flexibility and security in supplies while reducing the total cost of LNG to consumers. He reiterated that GAIL will continue to promote Regional Cooperation among Asian Buyers and create Asian Gas Index so that LNG prices for Asia become in sync with market prices.
While receiving the award, Mr.B.C.Tripathi said that this award belongs to my people- back home in my company GAIL in India, Houston and Singapore. It belongs to our suppliers, contractors, customers and industry partners like you who have reposed their faith in us and helped us to grow and move forward.
Sh.Tripathi expressed his sincere thanks to the Govt. of India, the Ministry of Petroleum and Natural gas, the Ministry of External Affairs, and other governing bodies.
Addressing the members of the LNG fraternity during the award ceremony, CWC highlighted that GAIL was the first Asian Company to have signed a long term LNG Sales and Purchase Agreement with Sabine Pass Liquefaction, LLC, USA in 2011 for supply of 3.5 MTPA LNG over 20 years. This agreement had price linkage with Henry-Hub price instead of Crude oil and signalled a new approach in gas pricing. Building on this deal, GAIL signed a Terminal Service Agreement with M/s Dominion Cove Point LNG LP for booking 2.3 MMTPA liquefaction capacity in the Cove Point liquefaction terminal in the US. The US subsidiary of GAIL contracted half of Dominion’s capacity for 20 years. GAIL also executed a long-term Gas Sale and Purchase Agreement with Gazprom Marketing and Trading Singapore Ltd. for supply of 2.5 MMTPA LNG per annum from its Shtokman production facilities over a period of 20 years.
GAIL signed an MoU with EDF Trading of the US for cooperation in the areas of North American upstream equity investments, gas supply to export facilities and LNG supply optimization.
GAIL is also promoting a floating LNG import terminal in India, and announced the doubling of the capacity of Dabhol regasification terminal. GAIL opened its Singapore office through GAIL Global (Singapore) Pte. Ltd. for trading in LNG and petrochemicals etc.
Mr Tripathi has displayed global leadership by actively advocating and promoting the formation of an Asian Pricing Index for LNG and seeding for an Asian Cooperation Forum on gas and LNG. Both these initiatives have found extensive support from all the buyers in Asia and beyond. Mr Tripathi is a dynamic player in the global LNG industry and an active promoter of LNG usage in India.”