India's LNG Imports up 2% in April

LNG imports into India continued the growth seen in the last fiscal year with increased volumes in April, data published by the Indian oil ministry's Petroleum Planning and Analysis Cell showed last week.

LNG import volumes to India for the month of April were 2.1bn m³, up 1.9% from the corresponding month of the previous year, the data showed.

For the 12-month period ended March 31, 2017, India’s LNG imports were up by a healthy 15.5% on year at 24.6bn m³. LNG imports during 2016‐17 were the highest during the past four years. 

Qatar is the largest supplier of LNG to India. And, given the backdrop of low global LNG prices, Indian Petronet LNG insisted on renegotiating its long-term contract with Qatar's RasGas. In December, the two parties 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 operating LNG terminals: Dahej, Hazira, Dhabol and Kochi. According to a document released by the oil ministry on June 3, 2016, India’s LNG terminal capacity could more than double by 2022 as existing terminals expand and new ones are commissioned.

Shardul Sharma