MS-GAIL (India) Natural Gas Demand Recovering Well-20250729

<p style="text-indent:28px"><span style="font-size: 14px;">The chemical cycle is entering a turnaround phase after two years of one of thesharpest downcycles in 20 years. We think China&#39;s A-I (here) US LNG imports will bepositive for both the gas marketing and transmission businesses as GAIL&#39;s US$7bncapex gets monetized. Click the following links for our views on the Chemicals(here) and Natural Gas markets (here) and how much energy India can import fromthe US (here).</span></p><p style="text-indent:28px"><span style="font-size: 14px;">Why OW: We believe GAIL is well positioned to capitalise on increasing domesticproduction and cheaper LNG along with monetisation of its US$7bn pipelineinfrastructure investment over the past decade.</span></p><p><br/></p>