IOC Secures 2.5 MT LNG Supply from Trafigura in Long-Term Agreement.

State-owned Indian Oil Corporation (IOC), the country's largest oil marketing company (OMC), announced recently the signing of a significant long-term agreement with global commodity trading giant Trafigura for the supply of 2.5 million tonnes (mt) of liquefied natural gas (LNG).

According to IOC Chairman AS Sahney, the deal will see Trafigura deliver the LNG to IOC through 27 cargoes over a five-year period, commencing in the second half of 2025. This agreement ensures a stable and reliable supply of the crucial fuel for IOC.

Sahney further disclosed that the pricing of the LNG under this agreement will be based on the US Henry Hub benchmark, a key natural gas pricing point in North America. This long-term commitment with a major global trader like Trafigura underscores IOC's efforts to secure its energy needs and cater to the growing demand for natural gas in the Indian market.