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India's IOC to buy spot LNG cargo from BG Group - exec

Reuters - UK Focus

NEW DELHI, Aug 13 (Reuters) - India's top state-run refiner Indian Oil Corp (Other OTC: INOIY - news) has awarded to BG Group (LSE: BG.L - news) a tender to buy a liquefied natural gas (LNG) cargo for delivery on August 27, a company executive said.

The company said in July it planned to buy at least one spot LNG cargo a month in 2015/16 to take advantage of lower short-term prices.

This will be the third spot cargo procured directly by India's largest refiner which has turned its focus to expanding its gas business. It bought a cargo from Vitol and Excelerate previously. (Reporting by Nidhi Verma in New Delhi; Editing by Biju Dwarakanath)