India's LNG Imports in August Down 3%

After rising 7% in July, LNG imports into India in August declined by almost 3% year on year to 2.08bn m³, data published by the Indian oil ministry's Petroleum Planning and Analysis Cell showed September 19.

Cumulative LNG imports from April-August, the Indian fiscal year-to-date, were 9.93bn m³, down 4% year on year. India's LNG imports rose sharply in the 2016-2017 fiscal year, by 15.5% to 24.6bn m³.

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 2015, 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 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