IOC in talks with Tellurian of US for long-term LNG deal

21 Oct 2022 CW Team

Indian Oil Corp (IOC) is in talks with US energy firm Tellurian Inc for a long-term liquefied natural gas (LNG) supply deal as well as an equity investment in the latter's Driftwood project, according to a report citing people familiar with the matter.

Turmoil in the international market has made it harder for IOC to source affordable LNG. Indian Oil, Petronet LNG and GAIL are all seeking long-term contracts but have been unable to cut any deal that can bring supplies ahead of 2026, when large global liquefaction capacity is expected to come onstream, easing the current crunch.

Indian Oil has begun discussions with Tellurian but is yet to agree on volume or the equity investment in Driftwood LNG project.

Tellurian said in response to a query, “We have watched with admiration the investment India has made in natural gas infrastructure and would be delighted to work with Indian companies on supply. Tellurian is prioritising strategic equity partners who may want LNG offtake for their portfolios, and has freed up 6 mt within the first phase of Driftwood for that purpose."

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