GAIL India has inked a Gas Sales and Purchase Agreement with Reliance Industries to provide gas from the latter’s oil mines in the KG basin in the eastern offshore.

Punj Lloyd stated on Monday that it has received a contract valued at Rs.167.51crore from state-led GAIL (India) for a pipeline assignment.

GAIL India has differed with the $6.75 per mBtu cost requested by the Cairn India-run affiliation for the gas manufactured from the Ravva Satellite regions in the KG basin.

Gujarat Gas Company has declared that GAIL has reinstated standard gas provisions to the firm from the Panna, Mukta and Tapti oilfields.

GAIL India is expected to foray into Gas Sales and Purchase Agreement with Reliance Industries this week for purchasing natural gas from the latter’s Krishna Godavari-D6 mines.

PSL trades up on the Sensex after the company received a contract valuing nearly Rs.500crores from Gail (India).

GAIL India presently trades high on the Sensex after the company inked a Gas Sales and Transmission Contract with Rajasthan Rajya Vidyut Utpadan Nigam for provision of natural gas for the latter’s 160 MegaWatt gas power factory at Ramgarh.

GAIL India has slashed the quantity of gas offered to Gujarat Gas Company by nearly 40% following a marine outflow in the Mukta, Tapti and Panna oilfields, which has driven to a close down in crude output from the service.

GAIL India has come up as a lead earner on the Sensex Oil & Gas index. The stock presently trades at Rs.320, which is high with 8.80 points on the Sensex.

GAIL India has planned a capital outlay strategy of around Rs.3, 800crore in fiscal 2009-10.