IOC lining up LNG spot cargoes

IOC lining up LNG spot cargoes

Low spot LNG prices have prompted the Indian Oil Corporation to up its activity in the market. 

As IOC’s senior executive Debasis Sen told Reuters, the company is looking to buy one LNG cargo per month on the spot market in through 2015 and 2016 exploiting the currently lower short-term prices.

At the start of June, the company signed an interim sales purchase agreement with Mitsubishi Corporation for the supply of 0.7 MMTPA of LNG for 20 years from the Cameron LNG project in the USA. The deliveries are expected to start in the first quarter of 2018.

It has also recently awarded the engineering, procurement, construction and commissioning contract to Black & Veatch for its LNG receiving terminal at Ennore, that will enable the company to supply liquefied natural gas to high demand southern states, particularly Tamil Nadu and some parts of Karnataka and Andhra Pradesh.

LNG World News Staff; Image: K Line

Share this article

Follow LNG World News

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

LNG Pricing, Trading & Hedging: 3-Day Training Course – London / Mar 2020

This three-day training program provides a unique opportunity to learn and apply the practical skills…

read more >

American LNG Forum 2020

The American LNG Forum is your gateway to learning about the US LNG export industry,

read more >

2nd Global LNG Forum

Global LNG Forum is an exclusive networking and knowledge-sharing platform for top experts and business leaders in the industry.

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – Houston / Feb 2020

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >