(HT)
Indian Oil Corporation, the country’s top refiner, has agreed to a five-year liquefied natural gas (LNG) import deal with trader Trafigura, with prices linked to the US Henry Hub benchmark, three trade sources said on Wednesday.
Trafigura will supply three to four LNG cargoes this year and six cargoes annually from next year, said one of the sources.
No immediate comment was available from Trafigura and Indian Oil.
India is looking to raise its imports of US energy to fix its trade balance with the world’s top economy and traders are looking to re-route some of the LNG meant for China into India, one of the sources said.
India is the world’s fourth-largest LNG importer, shipping in 26.58 million tonnes of the fuel last year, as per Kpler data.
The US is India’s second-biggest supplier but the two sides are looking to ramp up volumes for India’s energy-hungry economy, one of the fastest growing in the world.
