India Ups LPG Imports from US Amid Ongoing Middle East Disruptions
India's state-owned refiners are set to boost purchases of US liquefied petroleum gas by over 25% through annual contracts next year, as disruptions in the Middle East accelerate the country's push to diversify supplies.
The three major refiners - Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp. - are seeking as many as five 46,000-ton cargoes a month from the US, up from four under current contracts.
This move will help India widen its supply pool while narrowing its trade surplus with the US, as New Delhi pursues a final trade deal with Washington.
India's contracted US volumes would rise to about 2.76 million tons from 2.2 million tons this year, when the world's second-biggest LPG importer secured its first term deals with American suppliers.