Indian Oil books 1 mtpa capacity at new LNG terminal

NEW DELHI (Reuters) - State-run Indian Oil Corp has booked 1 million tonnes per year capacity at a new liquefied natural gas (LNG) terminal on the Gujarat coast as the share of gas in the overall energy mix jumps, its chairman said on Monday.

B. Ashok told reporters he expects gas to contribute 15 percent to the energy mix in 5-7 years from 8 percent now as the country moves to the cleaner fuel.

Earlier on Monday, a senior executive of India's biggest fuel retailer said it planned to buy at least one spot LNG cargo a month in 2015/16 to take advantage of lower short-term prices.

 

(Reporting by Nidhi Verma; Editing by Sunil Nair)