India’s top state oil refiner Indian Oil is looking to double its capacity booking at LNG import terminals as the country plans to shift to a gas-based economy.
Indian Oil said in the company’s 2020-2021 annual report it aims to raise its share in India’s regasified LNG market from 19 percent at present to 40 percent by the end of this decade.
To meet this target, the company envisages doubling its capacity booking at regasification terminals from over 9 million mt/year at present to over 18 million mt/year, it said.
“By booking capacities in upcoming LNG terminals likely to be operational by 2022, viz. Dhamra (3 MMTPA) and Jafrabad (1 MMTPA), the company’s regasification capacity, will increase to over 13 MMTPA,” the firm said.
Indian Oil has a 12.5 stake in the country’s largest LNG importer Petronet, the owner of the Dahej plant but also the Kochi facility. In addition, the firm also operates the Ennore LNG import facility on India’s east coast.
Beyond these established businesses, Indian Oil is working on small-scale LNG in the country through its ‘LNG at Doorstep’ offering.
The company and partners are looking to build LNG stations across the Golden Quadrilater and the North-South National Highways of India.
This would increase the outreach of LNG as fuel for heavy-duty vehicles, mining sector, bunkering but also railways, it said.
Moreover, Indian Oil also works with manufacturers such as TATA Motors and VolvoEicher Commercial Vehicles to develop LNG-fueled vehicles, the firm said.