Indian Oil in Talks With BG to Secure LNG Supplies

Source: Reuters 3/28/2012, Location: Middle East

State-run Indian Oil Corp is in talks with BG Group, Qatar and Gazprom to secure long-term liquefied natural gas supplies for an import terminal it is building to feed its rising energy demand. But while it talks to potential suppliers, the company is also keeping its options open to initially import LNG through spot or shorter-term contracts on expectations that India may lift price controls on the power and fertilizer sectors and allows them to pass on feedstock costs to consumers.

"It is not proper to assume that long-term contracts are the only way out," said A.M.K. Sinha, director of business development, on the sidelines of an LNG conference.


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