financetom
Business
financetom
/
Business
/
Indian oil companies in talks to buy U.S. LNG supplies
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Indian oil companies in talks to buy U.S. LNG supplies
Feb 10, 2025 3:11 AM

NEW DELHI (Reuters) - Indian oil companies are looking to buy U.S. liquefied natural gas (LNG), buoyed by the Trump administration's lifting of a ban on export permits for new projects, Oil Secretary Pankaj Jain said on Monday.

The world's fourth largest importer of LNG, India aims to raise the share of gas in its energy mix to 15% by 2030 from 6.2% now.

"Indian oil companies are talking to U.S. companies for additional LNG sourcing," Jain said, adding that among such companies were GAIL (India) Ltd, Indian Oil Corp and Bharat Petroleum Corp.

Indian companies will discuss gas sourcing with suppliers of U.S. LNG on the sidelines of the four-day India Energy Week conference from Monday, Jain told reporters.

Indian companies would consider buying stakes in U.S. LNG projects if the deals were attractive, he added.

GAIL will revive plans to buy a stake in a U.S. LNG plant or secure a long-term US LNG deal, its chairman, Sandeep Kumar Gupta, told Reuters.

GAIL now imports 5.8 million tons of U.S. LNG annually under long-term deals, split between Berkshire Hathaway Energy's Cove Point plant and Cheniere Energy's Sabine Pass site in Louisiana.

The bulk of India's LNG imports under long term deals is supplied by Qatar, with prices linked to crude oil. India's gas sourcing portfolio should have a mix of both U.S. Henry Hub and crude oil linked prices, Jain said.

Indian companies are particularly keen to buy LNG from the U.S. as crude oil could be purchased from multiple suppliers.

Indian Oil Minister Hardeep Singh Puri said energy imports from the United States would be discussed when Prime Minister Narendra Modi meets President Donald Trump this week.

At least six Asian countries, including Japan and Taiwan, have expressed interest in buying U.S. LNG, with some hoping to narrow their trade deficits in the face of Trump tariff threats, while others look to expand and diversify supplies.

(Editing by Clarence Fernandez)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Meta Platforms Insider Sold Shares Worth $21,951,284, According to a Recent SEC Filing
Meta Platforms Insider Sold Shares Worth $21,951,284, According to a Recent SEC Filing
Jan 9, 2025
03:48 AM EST, 01/09/2025 (MT Newswires) -- Mark Zuckerberg, 10% Owner, Director, Chair of Board and Chief Executive Officer, on January 08, 2025, sold 35,921 shares in Meta Platforms ( META ) for $21,951,284. Following the Form 4 filing with the SEC, Zuckerberg has control over a total of 394,265 shares of the company, with 394,265 controlled indirectly. SEC Filing:...
Rubrik Insider Sold Shares Worth $6,387,687, According to a Recent SEC Filing
Rubrik Insider Sold Shares Worth $6,387,687, According to a Recent SEC Filing
Jan 9, 2025
03:49 AM EST, 01/09/2025 (MT Newswires) -- Arvind Nithrakashyap, 10% Owner, Director, Chief Technology Officer, on January 06, 2025, sold 97,469 shares in Rubrik ( RBRK ) for $6,387,687. SEC Filing: https://www.sec.gov/Archives/edgar/data/1943896/000141588925001167/xslF345X05/form4-01092025_010112.xml ...
VEON Names Burak Ozer Group CFO
VEON Names Burak Ozer Group CFO
Jan 9, 2025
03:48 AM EST, 01/09/2025 (MT Newswires) -- VEON (VEON) said Thursday it has appointed Burak Ozer as group chief financial officer, effective Jan. 9, succeeding Joop Brakenhoff. Ozer previously served as CFO within Xerox's (XRX) global digital transformation, IT solutions, and cybersecurity space. Brakenhoff will remain with the company as an adviser. ...
Rubrik Insider Sold Shares Worth $4,327,850, According to a Recent SEC Filing
Rubrik Insider Sold Shares Worth $4,327,850, According to a Recent SEC Filing
Jan 9, 2025
03:49 AM EST, 01/09/2025 (MT Newswires) -- Brian K. McCarthy, Chief Revenue Officer, on January 07, 2025, sold 65,517 shares in Rubrik ( RBRK ) for $4,327,850. Following the Form 4 filing with the SEC, McCarthy has control over a total of 406,043 shares of the company, with 406,043 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/1943896/000141588925001169/xslF345X05/form4-01092025_010106.xml ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved