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 6:10 PM

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 >
What's Going On With SoFi Technologies Stock?
What's Going On With SoFi Technologies Stock?
Oct 11, 2024
SoFi Technologies, Inc. ( SOFI ) shares are trading higher Friday and trending on social media. Here's a look at what's going on.  What To Know: SoFi expanded its offerings this week with the launch of two new credit cards on Wednesday, the SoFi Everyday Cash Rewards Credit Card and the SoFi Essential Credit Card.  SoFi said its Everyday Cash...
A.O. Smith Slashes FY24 Guidance As China Woes And Weak Water Heater Sales Drag Q3 Performance
A.O. Smith Slashes FY24 Guidance As China Woes And Weak Water Heater Sales Drag Q3 Performance
Oct 11, 2024
A.O. Smith Corporation shares are trading lower after the company reported preliminary third-quarter results below estimates and cut its FY24 EPS guidance below estimates. The company expects third-quarter sales of $902.6 million (vs. consensus of $957.73 million), reflecting a 4% Y/Y decline attributed to lower sales in China and North America's water heating segment. Also, A. O. Smith ( AOS...
Richelieu Hardware Target Trimmed to $44.50 at National Bank
Richelieu Hardware Target Trimmed to $44.50 at National Bank
Oct 11, 2024
12:32 PM EDT, 10/11/2024 (MT Newswires) -- National Bank has kept its Sector Perform rating on Richelieu Hardware ( RHUHF ), but trimmed its target to $44.50, from $45.50, after the company reported its third quarter results. Richelieu's revenue clocked in at $467.7 million, up 1.9% driven by a -1.3% organic decline and offset by a 3.2% lift from acquisitions,...
Analysis-Rio Tinto's real prize: Arcadium's lithium extraction technology
Analysis-Rio Tinto's real prize: Arcadium's lithium extraction technology
Oct 11, 2024
(Reuters) -Rio Tinto's $6.7 billion buyout of Arcadium will give it a suite of lithium filtration technologies that are poised to revolutionize how the metal is produced for the electronics and electric vehicle industries. Arcadium's expertise in so-called direct lithium extraction (DLE) is the real prize for Rio, analysts said, and vaults it into contention with Eramet, Sunresin, Exxon Mobil...
Copyright 2023-2026 - www.financetom.com All Rights Reserved