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Trafigura announced the signing of the LNG deal linked to the US Henry Hub in a social media post on Thursday.
This deal was revealed by some media reports earlier this year, saying that it is worth about $1.4 billion.
Under the agreement, Trafigura will supply 2.5 million tonnes of LNG to IOC, for use at its regasification terminals across the country, the trader said.
Arseni Shaga, Trafigura’s global head of LNG and natural gas, and Sachin Gupta, CEO of Trafigura India, joined Sandeep Jain, executive director of gas business at IOC at the signing ceremony.
“The agreement is a new milestone in Trafigura’s growing commitment to supply energy resources to India. We’re excited to work with Indian Oil Corporation on such a significant LNG supply agreement Trafigura’s expertise, global reach and extensive supply chain capabilities mean we are well-placed to support India’s increasing LNG requirements,” Gupta said.
Trafigura’s LNG volumes
In 2024, Trafigura’s LNG volumes dropped to 11.2 million tonnes in the financial year ending September 30, 2024 compared to 11.2 million tonnes in the previous year.
LNG volumes in the 2023 financial year also dropped compared to 13 million tonnes during the same period in the year before, which also declined from the previous year.
Trafigura said in its six-month report ending March 2025 that total traded volumes of oil and petroleum products, including natural gas and LNG, were 7.2 million barrels per day, unchanged compared to the first half of 2024.
On the other hand, Adnoc Gas, the gas and LNG unit of UAE’s Adnoc, signed in February a 14-year sales and purchase agreement with Indian Oil to supply the latter with LNG from the Das Island LNG terminal.
Under the SPA, Adnoc Gas will supply up to 1.2 mtpa of LNG to Indian Oil.
This deal converted the previous heads of agreement between the parties, with first deliveries to begin in 2026.