NEW DELHI: State-owned GAIL on Friday said it is open to buying Russian oil and gas assets, shunned by Western companies following Russia’s invasion of Ukraine. While announcing the fourth quarter result, Manoj Jain, chairman of GAIL, said India’s largest gas transmitter can’t be anything if it is not making any business and nobody can stop it from doing business anywhere. “GAIL is open to do business anywhere in the world, including Russia,” said Jain.
European countries led by the US have imposed heavy sanctions on Russia since it started a military operation on Ukraine. These countries are also pressuring India not to purchase oil and gas from Russia. However, many European oil companies are still dealing with Russian oil and gas companies.
The chairman also said that GAIL’s imports of natural gas could increase 5-6% in this fiscal year to March 2023. Subsequently, the prices of LNG are expected to be high for the next 12-18 months. “GAIL is scouting for a 10-year deal to annually import 1 million tonnes of LNG,” the chairman said. Meanwhile, GAIL on Friday posted a 40.6% hike in its standalone net profit at Rs 2,683.11 crore for the fourth quarter ending 31 March 2022. It had reported a net profit at Rs 1,907.67 crore for the year-ago period.
The revenue from operations grew by 62% to Rs 91,646 crore in FY22 as against Rs 56,738 crore a year ago. Profit before Tax (PBT) increased by 113% to Rs 13,590 crore in FY 22 as against Rs 6,386 crore in FY21. For the full fiscal ending March 31, the company reported its highest ever net profit of Rs 10,363.97 crore, against Rs 4,890.18 crore in the previous year.