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India accelerates pace to secure long-term LNG deals: Report LNG
Image Credit: UNI

India accelerates pace to secure long-term LNG deals: Report

India Blooms News Service | @indiablooms | 08 Feb 2023, 12:16 am

New Delhi: India is looking to seal more long-term LNG deals to boost its economic growth while reducing the dependence on coal, media reports said.

Petronet LNG Ltd, India’s biggest gas importer, wants to secure 12 million tons a year of additional supply under long-term contracts, Bloomberg quoted Managing Director Akshay Kumar Singh as saying on Tuesday in Bengaluru at India Energy Week.

India is looking at raising its LNG import capacity to increase the share of natural gas in its coal-heavy electricity mix to 15% by 2030 from about 6% now, Prime Minister Narendra Modi said Monday.

Petronet is also aiming to extend an existing contract with Qatar, and will request as much as 1 million tons a year more from the Middle Eastern supplier, according to the report.

Petronet’s proposed Gopalpur LNG import terminal and an expansion at its existing Dahej plant are likely to start production later this decade.

Amid the developments, Gail India Ltd. is in talks to sign long-term deals with Abu Dhabi National Oil Co and Russia’s Novatek PJSC, Chairman Sandeep Kumar Gupta said at the conference, Bloomberg reported.

India will face tough competition from other energy-hungry exporters to shield against the kind of market volatility that saw spot prices soar to a record last year.

According to the Bloomberg report, at the conference chief executive officer of Adani Total Private Ltd Satinder Pal Singh said the LNG market will remain tight until 2026.

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