State-run Indian Oil Corporation (IOC) on Wednesday said that it has signed a term deal with Trafigura for supplying 2.5 million tonnes (mt) liquefied natural gas (LNG).
Under the deal, Trafigura will supply LNG to the country’s largest oil marketing company (OMC) via 27 cargoes spread over from the second half of 2025 for the next five years.
The deal with the leading global trader is based on US Henry Hub prices, said AS Sahney, Chairman, IOC.
IOC had a 13 per cent share of India’s natural gas market in FY24, up from 10 per cent in FY23.
The company in its annual report of FY24 said, “By the end of the decade, we aim to see our sales growing by three folds from current levels and plan to enhance our infrastructure capacity accordingly to meet the evolving energy needs of the nation.”
Venturing into the natural gas marketing business about two decades ago, IOC has established itself as the second-largest player in imported natural gas business in India.
It has a 5 mt per annum (mtpa) LNG Terminal at Kamarajar Port, Ennore, in Tamil Naidu, which is the first LNG terminal on the east coast in South India, an untapped natural gas market.
Green push
In a separate filing on the BSE, IOC Board has approved further investment in Terra Clean (wholly-owned subsidiary) to undertake additional 4.3 gigawatts (GW) Renewable Energy (RE) capacity.
“This is further to our communication dated March 15, 2023, and April 30, 2024, in respect of formation of a wholly-owned subsidiary in India named Terra Clean and equity investment of ₹1,303.75 crore in Terra Clean for implementation of 1 GW installed capacity of RE project,” it said.
The board has also approved additional equity investment of ₹1,086 crore in Terra Clean for setting up additional 4.3- GW RE capacity over and above the already approved 1 GW capacity, it added.
Published on April 30, 2025
Anurag Dhole is a seasoned journalist and content writer with a passion for delivering timely, accurate, and engaging stories. With over 8 years of experience in digital media, she covers a wide range of topics—from breaking news and politics to business insights and cultural trends. Jane's writing style blends clarity with depth, aiming to inform and inspire readers in a fast-paced media landscape. When she’s not chasing stories, she’s likely reading investigative features or exploring local cafés for her next writing spot.
- ANURAG DHOLEhttps://indiatadkha.com/author/bitlancetechhubgmail-com/
- ANURAG DHOLEhttps://indiatadkha.com/author/bitlancetechhubgmail-com/
- ANURAG DHOLEhttps://indiatadkha.com/author/bitlancetechhubgmail-com/
- ANURAG DHOLEhttps://indiatadkha.com/author/bitlancetechhubgmail-com/
