India’s April LNG imports up 45 pct YoY

Low prices and the revised long-term deal with Qatar have raised India’s imports of LNG by 45.4% in April, as compared to the same month a year before.

India imported 2,142 million metric standard cubic metres (mmscm) of LNG in April compared with 1,473 mmscm in the same month in 2015, according to the data from oil ministry’s Petroleum Planning and Analysis Cell (PPAC).

In the full year of 2015-16, India’s LNG imports rose to 21,309.28 mmscm or up by almost 15% as compared the same period a year ago, PPAC said.

To remind, Petronet LNG of India and Qatar’s RasGas agreed a revised price and raised the volumes of the 25-year supply contract the two companies signed in 1999.

Costs of liquefied natural gas imports from Qatar have dropped below $5 per MMBtu due to the revised long-term deal, according to India’s minister for petroleum and natural gas, Dharmendra Pradhan.

“The current price applicable under the contract works out to less than $5MMBtu based on prevailing crude prices. This revision has led to making LNG cheaper for the end consumers,” minister Pradhan said.

India imports chilled gas via Petronet’s Dahej and Kochi LNG terminals, Shell’s Hazira plant, and the Dabhol terminal operated by Ratnagiri Gas and Power.

LNG World News Staff