LNG

July 28 (LNGJ) - Gas Authority of India (GAIL) signed an agreement with Sumitomo Corp. of Japan to pursue opportunities in the natural gas and LNG value chain. The agreement specifically covers cooperation in petrochemicals, natural gas procurement, pipelines and LNG. GAIL and Sumitomo hold half of the capacity in the planned US Cove Point LNG export plant in Maryland. GAIL Chairman B.C. Tripathi, said: "We are happy to enter into this strategic relationship with Sumitomo with whom we are long-term partners in the Cove Point project. There are significant opportunities in the North American gas markets."