Skip to content
Subscriber Only

LNG Price Slump Sends Biggest Indian Refiner on Buying Binge

  • IOC to boost spot LNG purchase after Indian terminal expanded
  • Country to more than double import capacity within 5 years
Bloomberg business news

Indian Oil Goes on a Buying Binge

Updated on

Indian Oil Corp., the nation’s biggest refiner that’s also boosting its liquefied natural gas business, is lifting purchases of the fuel to take advantage of a price plunge amid a glut.

The state-run company plans to buy two LNG shipments per month in the spot market for six months from October, according to Debasis Sen, director of planning and business development. That compares with a total of nine spot cargoes for the previous year, when it started importing the commodity directly.