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IOC Talks for Long Term LNG Contracts Waiting on Future Demand Outlook

LNG

Indian Oil Corp. is in talks with LNG suppliers for long-term contracts although is waiting for policy guidance from the government, according to Bloomberg.

  • IOC still needs to determine its import requirements and won’t sign any deals until LNG demand and price outlooks are solidified, the sources suggested.
  • Future government policy remains unclear after national elections in which Prime Minister Narendra Modi lost majority in the lower house of parliament.
  • A change in plan to push for more hydrogen could impact future natural gas demand. Natural gas in the energy mix is currently targeted to rise from 6.7% at the end of 2023 to 15% by 2030.
  • Contract talks include with US developer Tellurian Inc. and Abu Dhabi National Oil Co., according to the sources.
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