Indian Oil signs mega 10-year LNG supply contract with Total Energies

In line with its strategy to grow its liquefied natural gas (LNG) business, Total Energies has, earlier this month, announced the signing of two new LNG medium- and long-term contracts in Asia.

The first one is a sales and purchase agreement (SPA) with Indian Oil Corporation (IOCL) for the delivery to India of up to 800,000 tons per year of LNG for ten years from 2026.

The second is an agreement (HoA) with Korea South-East Power for the delivery to South Korea of up to around 500,000 tons per year of LNG for five years from 2027.

These agreements allow Total Energies to secure medium-term outlets for its global LNG supply portfolio. They also strengthen the company’s footprint in Asian markets, where it is particularly committed to supporting its customers with their decarbonization strategies.

“We are delighted to have been selected by IOCL and Korea South-East Power to supply LNG to India and Korea. These contracts enable us to contribute to the energy security and transition of these countries, to which we have an enduring commitment,” said Gregory Joffroy, Senior Vice President, LNG at TotalEnergies.

Total Energies is the world’s third largest LNG player with a global portfolio of 44 Mt/y in 2023 and benefits from its interests in liquefaction plants in all geographies. The company has an integrated position across the LNG value chain, including production, transportation, access to more than 20 Mt/y of regasification capacity in Europe, trading, and LNG bunkering.

TotalEnergies’ goal is to increase the share of natural gas in its sales mix to close to 50% by 2030, to reduce carbon emissions and eliminate methane emissions associated with the gas value chain, and to work with local partners to promote the transition from coal to natural gas.

Lead image: Total Energies

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