India’s monthly LNG imports continue to drop

India’s monthly LNG imports continued to drop in January when compared to the year before, while prices remain high.

Preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell shows that LNG imports declined by 10.6 percent to 2.40 billion cubic meters or about 1.75 million tons in January.

LNG imports dropped when compared to the last month as well.

Total LNG imports in the April-January period decreased by 3.2 percent to 26.78 bcm or about 19.41 million tons, PPAC said.

On the other side, natural gas production in January increased 12.2 percent to 2.86 bcm, while it rose 20.5 percent in the April-January period to 28.53 bcm, it said.

One of the main reasons behind India’s lower LNG imports is still the high spot price which traded above $30/MMBtu for a long time, prompting Indian buyers to hold off on buying spot volumes.

The data from PPAC said India has paid $0.9 billion for January LNG imports, compared to $0.8 billion last year. In the April-January period, the price tag reached $9.9 billion, which compares to $6.2 billion in the same period in the year before.

At the moment, India imports LNG via six facilities with a combined capacity of 42.5 million tonnes.

Petronet LNG’s 17.5 mtpa Dahej terminal operated at 90 percent capacity while Shell’s 5 mtpa Hazira terminal operated at 57.2 percent capacity in April-December, the PPAC data shows.

Despite lower volumes at its Dahej and Kochi terminals, India’s largest LNG importer, Petronet LNG, recently reported its highest-ever quarterly profit.

“In spite of the challenges of the Covid-19 pandemic and high spot prices, the company was able to achieve robust results owing to efficient commercial management,” Petronet LNG said.

Most Popular

Shell wraps up acquisition of Pavilion Energy

UK-based LNG giant Shell has completed its previously announced acquisition of Singapore's Pavilion Energy.

India’s ONGC approves Mozambique LNG investment

India’s state-run ONGC has approved an investment by its unit, ONGC Videsh, into the TotalEnergies-led Mozambique LNG joint venture, which is developing a 12.8 mtpa liquefaction plant at the Afungi complex.

Australia’s Viva Energy seeks FSRU for Geelong project

Australia’s Viva Energy is looking to secure a floating storage and regasification Unit (FSRU) for its proposed LNG import terminal in Geelong, Australia.

More News Like This

Shell seals LNG deal with India’s IRM Energy

A unit of UK-based LNG giant Shell has signed a five-year deal to supply regasified LNG to India's IRM Energy.

GSPL launches Chhara LNG pipeline

Gujarat State Petronet Limited (GSPL) has launched a natural gas pipeline connecting Hindustan Petroleum's 5 mtpa Chhara LNG import terminal in India's Gujarat to the grid.

India boosts LNG imports in February

India's monthly liquefied natural gas (LNG) imports continue to rise, preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell shows.

Crown, IGX ink Kakinada LNG pact

US-listed Crown LNG has signed a memorandum of understanding with the Indian Gas Exchange (IGX) to cooperate on liquefied natural gas sales to downstream customers from its planned LNG import terminal in Kakinada, India.