Four Indian State Owned Energy Companies Plan to Jointly Source LNG from US

Indian state owned energy companies, Indian Oil Corporation, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited and Gujarat State Petroleum Corporation have formed a consortium to source LNG from the US, according to Business Standard newspaper.

"The companies have come together to bid for hydrocarbon assets and source LNG from international sources. It always makes sense to go together and bargain for assets instead of venturing out alone," a source told the newspaper.

The sources stated that share of the companies in the consortium will be equal.

The consortium would be looking to book capacities in LNG terminals and sign long term contacts. .