Indian Oil has signed a five-year term contract with commodities giant Trafigura to secure liquefied natural gas (LNG) supplies, valued at $1.3–1.4 billion.
The deets: the deal covers around 2.5 million tonnes of LNG. The move is part of India’s broader push to lock in long-term energy security.
What’s happening: India currently imports about 45% of its annual LNG requirement. While Russian crude has played a key role in recent years, its share in Indian Oil’s portfolio dropped to 22% in FY25, down from 30% in FY24, amid new sanctions and supply hurdles.
Zoom out: as India pushes for cleaner and more secure energy sources, long-term LNG deals like this one give Indian Oil stability in a volatile global market. With crude supply from Russia under pressure and refining margins tightening, locking in gas at predictable prices is as much about strategy as it is about survival.
