IOC, Mitsubishi Corp in LNG supply deal

Indian Oil Corporation informed an interim sales purchase agreement was signed with Mitsubishi Corporation for supply of 0.7 MMTPA of LNG for 20 years from the Cameron LNG project in the USA.

The company’s LNG sales registered a growth of 6.3% in the financial year 2014-2015 reaching 3.42 million metric tons, IOC’s Chairman B. Ashok said at a press conference.

He said that in order to secure LNG supplies, the corporation has forayed into independent LNG purchase besides tying up for 1.2 MMTPA of LNG for 20 years with Pacific North West LNG Project, Canada.

Deliveries from the Pacific NorthWest LNG project are expected to commence in 2020 while deliveries from the Cameron LNG project should begin two years earlier, in the first quarter of 2018, the company informed.

The volumes will be delivered to IOC’s planned LNG import terminal at Kamarajar Port in Ennore.

LNG World News Staff; Image: Cameron LNG