India’s LNG imports continue to rise

Kochi LNG terminal (Image: Petronet LNG)

India’s imports of liquefied natural gas (LNG) rose 8.3 percent in March as compared to the same month a year ago.

India imported 2.07 billion cubic meters or about 1.53 million mt of LNG in March, as compared to 1.95 Bcm in the same month in 2016, according to the data from oil ministry’s Petroleum Planning and Analysis Cell (PPAC).

India’s LNG imports increased for a second straight month after a decline in January and December, respectively.

Domestic natural gas production rose 8.3 percent in March to 2.75 Bcm, the PPAC data shows.

In the April-March period, India’s LNG imports rose 15.5 percent year-on-year to 24.6 Bcm or about 18.2 million mt of LNG.

LNG imports during the fiscal year to March 2017 were the highest in the last four years, PPAC said.

India’s LNG imports have been rising since the beginning of last year on the back of lower prices.

Costs of importing LNG into India have dropped sharply in 2016 after the country’s largest importer, Petronet LNG signed a revised long-term contract with Qatari LNG producer RasGas.

India paid $0.6 billion for March LNG imports. In the April-March period, LNG import costs reached $6.1 billion, PPAC said.

This year, India made additional steps to further boosting its imports of the chilled fuel as part of plans to shift to a natural gas-based economy.

The country announced in the beginning of the year it would halve its basic customs duty on imports of LNG from current 5 percent to 2.5 percent.

India’s ministry of the road, transport and highways has also recently given the green light for the use of LNG as fuel for road vehicles.

India currently imports LNG via Petronet’s Dahej and Kochi LNG terminals, Shell’s Hazira plant, and the Dabhol terminal operated by Ratnagiri Gas and Power

 

LNG World News Staff

Share this article

Follow LNG World News

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening is recognised as the premier end of year gathering for the global LNG industry.

read more >

LNG Pricing, Trading & Risk Management – 3-Day Course

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools…

read more >

LNG BUNKERING MED

The only 3 day course offering theoretical and practical training on LNG bunkering for the Mediterranean market, the syllabus is accredited…

read more >

EAGC 2017

EAGC 2017 sees a new format that combines the conference programme with targeted networking…

read more >