Indian Oil Corporation has signed a five-year deal with Trafigura to import 2.5 million tonnes of LNG in a USD 1.3 billion-1.4 billion agreement, Reuters cited chairman A S Sahney as saying on Wednesday.
Supplies will begin in the second half of 2025 and are linked to the US Henry Hub benchmark. “Trafigura will supply 2.5 million tonnes of LNG, equivalent to about 27 cargoes under the deal,” chairman A S Sahney said. Reuters reported that three to four cargoes will be delivered this year, followed by six annually thereafter, according to the report.
India is increasing US energy imports to address its trade balance and fuel economic growth. The country was the fourth-largest LNG importer last year, bringing in 26.58 million tonnes, according to Kpler data.
India’s state-owned GAIL has also sought a long-term import deal and a stake in a US LNG project.
Indian Oil is India’s largest refiner and fuel retailer, operating a network of over 32,000 fuel stations and 11 refineries across the country. The company has expanded its global footprint with upstream assets in Canada, the USA, Venezuela, Libya, the UAE and Russia, and has trading and shipping subsidiaries in Singapore and the UAE.
Source: theenergyyear.com