 "Indian Oil corporation, IOC")
Indian Oil Corp, the country’s largest refiner, has signed a five-year deal with trading firm Trafigura to import liquefied natural gas (LNG), Reuters reported on Wednesday.
Under the arrangement, Trafigura will deliver three to four LNG shipments in the current year, followed by six shipments annually beginning next year.
The pricing structure for these imports will be tied to the US Henry Hub benchmark. India is aiming to increase its energy purchases from the United States to address trade imbalances with the world’s largest economy, while traders are seeking to redirect some LNG originally destined for China toward India.
In March, Reuters reported that India is evaluating a proposal to cut import duties on American LNG to enhance procurement and reduce its trade surplus with Washington.
Additionally, Gail India recently sought to acquire a stake in an LNG project in the US, coupled with a 15-year import agreement.
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 "Indian Oil")
 "Russian oil tanker, Russian tanker")
 "Demand in key overseas markets has enabled the continuing rise in the export of refined petroleum products, which jumped 12.7 per cent in October, according to the latest data released by the Petroleum Planning and Analysis Cell (PPAC). Export of ref")
 "LNG, Gas")
 "Indian Oil corporation, IOC")
During Prime Minister Narendra Modi’s visit to the US last month, India committed to raising its energy imports from the United States by $10 billion, reaching a total of $25 billion in the near term. Eliminating the import duty would make US liquefied natural gas more cost-effective and contribute to reducing India’s trade surplus with the US, which stood at $45.4 billion last year.
India has imported 25.9 million tonnes of LNG worth about $14.2 billion in the first 11 months of the financial year 2024-25 (FY25). India’s LNG imports from the US are driven by Gail’s long-term deals with US companies to buy 5.8 million tons of LNG annually. Oil Secretary Pankaj Jain had mentioned in February that Gail, Indian Oil Corp and Bharat Petroleum Corp (BPCL) are talking to US companies for additional LNG sourcing.
The US ranks as India’s second-largest energy provider. Both nations are working to increase supply volumes to meet the demands of India’s economy, which is among the world’s fastest-growing.
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