Gazprom agrees 25 year gas deal with IOC

Gazprom Singapore has signed an initial agreement to supply the Indian Oil Corporation (IOC) with up to 2.5 million tonnes of liquefied natural gas (LNG) a year.The long-term LNG supply […]

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By Vicky Ellis

Gazprom Singapore has signed an initial agreement to supply the Indian Oil Corporation (IOC) with up to 2.5 million tonnes of liquefied natural gas (LNG) a year.The long-term LNG supply agreement would see the branch of the largest gas producer in the world provide India with gas for up to 25 years.

Nigel Kuzemko, Gazprom Singapore’s Global Director of LNG Development said: “We recognize IOC as major player in global energy markets with a strong presence in refineries, pipelines and marketing in India.”

The deal follows a number of successful LNG cargo deliveries by Gazprom Singapore to its counterparties in India since 2007.