India November LNG Imports Up Over 15%

India’s LNG imports in November saw a double-digit  percentage growth as relatively low prices attracted buyers.

According to latest data published by oil ministry’s Petroleum Planning and Analysis Cell (PPAC), LNG imports in November were 2.01bn m³, up 15.47% compared with the same month last year. Cumulative imports too remain substantially higher. For the April-November period, India’s LNG imports were 16.9bn m³, up by 23.2% on year.

Out of the total imports 51.93% came from Qatar, 8.61% from Angola, 8.17% from Equatorial Guinea, 7.8% from Singapore, 7.65% from Trinidad & Tobago, 4.14% from Australia, 3.97% from Nigeria, 3.93% from UAE and 3.81% from Spain.

LNG was procured by Petronet LNG, Gail, Gujarat State Petroleum Corporation, Reliance Industries, Hazira LNG, Indian Oil Corporation, Torrent Power and Bharat Petroleum Corporation.

The cost of importing LNG has dropped sharply this year after New Delhi signed a revised long term contract with Doha. Qatar is the largest supplier of LNG to India. Given the backdrop of low global LNG prices, Petronet LNG insisted on renegotiating its long-term contract with RasGas. In December, the two parties have signed a revised deal. The revised formula bases the price on a three-month average figure of Brent crude oil, replacing a five-year average of a basket of crude imported by Japan.

India has four operational LNG terminals: Dahej, Hazira and Dabhol in northwest India, and Kochi in the southern state of Kerala. According to a document released by the oil ministry on June 3, India’s LNG terminal capacity could more than double by 2022 as existing terminals expand capacity and new ones get commissioned.

Shardul Sharma