India’s November LNG imports slide as prices surge

India’s LNG imports dropped for the sixth straight month in November when compared to the year before, while prices continued to increase.

Data from the oil ministry’s Petroleum Planning and Analysis Cell shows that LNG imports declined by 20.8 percent to 2.22 billion cubic meters or about 1.61 million tonnes in November.

Compared to the previous month, LNG imports dropped by almost 12 percent.

Total LNG imports in the April-November period decreased by 3.7 percent to 21.59 bcm or about 15.65 million tonnes.

On the other side, natural gas production in November increased by 23.1 percent to 2.86 bcm while it rose 21.8 percent in the April-November period to 22.77 bcm.

One of the main reasons behind India’s lower LNG imports is probably the high spot price which still trades above $40/MMBtu, prompting Indian buyers to hold off on buying spot volumes. The JKM spot LNG price surged to $56.326/MMBtu in October.

The data from PPAC said India has paid $1.1 billion for November LNG imports, compared to $0.6 billion last year.

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 91.4 percent capacity while Shell’s 5 mtpa Hazira terminal operated at 70.1 percent capacity in April-November, the PPAC data shows.

- Advertisements -

Most Popular

China’s Wison wins Indonesian FLNG gig from Genting

China's Wison New Energies has secured a contract from a unit of Genting to build a floating LNG unit...

Japan’s Chiyoda provides Golden Pass LNG update

Japan's engineer Chiyoda has released an update regarding the construction of the Golden Pass LNG export project in Texas,...

South Korea’s Hanwha to increase stake in NextDecade

South Korean conglomerate Hanwha has agreed to buy more shares in US LNG firm NextDecade to increase its stake...

More News Like This

India’s LNG imports drop in May

India’s liquefied natural gas (LNG) imports dropped in May this year compared to the same month last year, according...

Cedigaz: global LNG imports increased 1.7 percent in January-May

Global LNG imports rose by 1.7 percent to 169.3 million tonnes in January-May 2024, up from 168 million tonnes...

India’s Dhamra LNG terminal received 20 cargoes in first year of operations

India’s Adani and France’s TotalEnergies have received 20 shipments at their Dhamra LNG import facility located in Odisha, on...

India boosts LNG imports in April

India’s liquefied natural gas (LNG) imports rose in April this year compared to the same month last year, according...