Finance
TotalEnergies signs 10-year LNG supply deal with India's GSPC
Published by Global Banking & Finance Review®
Posted on February 12, 2025
2 min readLast updated: January 26, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 12, 2025
2 min readLast updated: January 26, 2026
TotalEnergies and GSPC sign a 10-year LNG supply deal, enhancing India's LNG imports to meet rising demand from urbanization and industrialization.
By America Hernandez
PARIS - French oil major TotalEnergies has signed a deal to supply the Gujarat State Petroleum Corporation with 400,000 metric tons of liquefied natural gas annually, beginning next year, the companies said on Wednesday.
The deal with the Indian state-owned firm was announced on the sidelines of India Energy Week, and amounts to six LNG cargoes per year destined for mostly industrial customers.
India, currently the world's fourth-largest LNG buyer, will have to double annual imports by the end of the decade to meet rising demand from rapid urbanisation and industrialisation, the International Energy Agency said this week.
The Indian government has set a target for natural gas to reach 15% of the country's energy mix, up from 6.2% today.
GSPC said in a joint statement that the contract with Total aligned with its strategy to build up a long-term LNG portfolio and become a leading gas trader in India.
TotalEnergies has said the fast-growing Indian market is core to its growth strategy. It must also secure buyers to balance out the large amount of U.S. LNG it has contracted to purchase over the coming decade.
Last year Total signed a raft of long-term deals with mostly Asian buyers, including one with the Indian Oil Corporation.
(Reporting by America Hernandez in Paris, Editing by Louise Heavens and Jan Harvey)
TotalEnergies will supply the Gujarat State Petroleum Corporation with 400,000 metric tons of liquefied natural gas annually.
The LNG supply deal is set to begin next year.
The Indian government has set a target for natural gas to reach 15% of the country's energy mix, up from 6.2% today.
The deal amounts to six LNG cargoes per year, primarily for industrial customers.
TotalEnergies considers the fast-growing Indian market core to its growth strategy and aims to balance its large U.S. LNG contracts.
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