IOC buys two LNG cargoes from Trafigura

Indian Oil Corporation has reportedly secured two cargoes of liquefied natural gas from Trafigura. 

Sources told Reuters that Trafigura, a commodity trading house, will supply IOC with two cargoes of LNG. One cargo will be delivered during October while the other one will be delivered in November.

IOC is following up on its plan to up its activity in the spot market and buy one LNG cargo per month through 2015 and 2016, as spot prices have dropped far bellow the long-term contract prices.

The company also revealed that it does not intend to sign long-term deals with fixed prices in order to protect its customers from price fluctuations.

LNG World News Staff; Image: BG Group