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11-07-2023
India's natural gas consumption is rising as global prices fall, the chief executive of the country's largest gas importer said on Monday.
Petronet LNG operates India's largest liquefied natural gas (LNG) import terminal at Dahej in western India. The terminal has a capacity to import 17.5 million tons of LNG annually.
Petronet CEO AK Singh said, "We are getting indications from the utilization (of the gas import terminal)."
He said capacity utilization at the Dahej terminal was 95% compared to 85% a year ago.
The fall in gas prices triggered by increased inventories in European countries is boosting gas consumption in the price-sensitive Indian market.
Singh said he expects gas prices to remain stable this year if the European winter is "not too harsh".
Spot and long-term LNG prices are almost similar at $11-12 per million British thermal units (mmBtu), he said.
"When the price hits $11-12 per mmBtu, it competes with alternative fuels," he said.
The chart below shows the evolution of India's gas imports as provided by Tendata. It can be seen that India's gas imports have risen in 2023 compared to the same period in 2022:
The following chart shows the major importers of natural gas into India, where the major countries are China (22.93%), Germany (18.84%), United States (10.14%), Japan (6.73%), Italy (5.50%) and others. The import and export volumes of these countries may be affected:
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