Government-owned Gail is open to buying Russian oil and gas assets rejected by the major Western economies after the Kremlin’s invasion of Ukraine. Gail has recorded strong earnings for the quarter ending March 31, 2022 (Q4FY22) period.
Headquartered in New Delhi, Gail is the country’s largest gas transmitter.
Gail’s chairman Manoj Jain said India’s largest gas transmitter GAIL is open to buying Russian oil and gas assets shunned by Western companies after Moscow invaded Ukraine, as reported by Reuters.
Notably, European countries, the United States, and other economies have imposed heavy sanctions on Russia since the war with Ukraine began on February 24 this year. The conflict is ongoing.
During Q4FY22, Gail posted a standalone net profit of ₹2,683.11 crore rising by nearly 41% from ₹1,907.67 crore in the same quarter last year. Revenue from operations jumped over 73% to ₹26,968.21 crore in Q4FY22 against ₹15,549.07 crore in Q4 of last year.
Gail’s board has recommended dividend the final dividend of ₹10 per share for FY22 on the paid-up equity share capital of the Company, subject to the approval of shareholders in the ensuing Annual General Meeting.