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GAIL's investment plans-IV: Company changes track on charter hire of LNG vessels
Dec 08:   GAIL has changed track when it comes to charter hire LNG vessels to ferry its cargoes out of the US.
8The gas major is going to charter hire the vessels for a short term period, ranging from 3-4 years, beginning 2018-21
8GAIL will meanwhile come out with a long term hiring contract for a period of 17 years, after 2021
8The tender for long term contract for LNG ships will be announced shortly.
8This 17 year contract will be under the government of India's Make in India programme, wherein two ships will be required will be made in India and six abroad
8Discussions are already going on with Samsung as a technology provider to Cochin Shipyard for construction and design of the ships and Cochin Shipyard has already signed a technical agreement to invest in an LNG dry dock.
8The government is reported to have decided to take on the dditional financial burden of making the ships in India as also the associated risks.
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