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Date: 25/01/2023

India’s LNG imports seen recovering

As global prices ease, India’s liquefied natural gas (LNG) imports are set to recover, say industry observers. Asian spot LNG prices have fallen due to mild weather in Europe and ample inventories, from an average of $30-35 per million British thermal units (mmBtu) in the December quarter to around $17/mmBtu. India wants to raise the share of gas in its energy mix to 15% by 2030 from 6.2% at present. However, a spike in global gas prices last year, triggered by the Russia-Ukraine conflict, cut demand for cleaner fuel from price-sensitive Indian customers. Now the export cargoes are hovering at $17 (million British thermal units). The expectation is that it will get more cargoes coming to India, as per a report.

Source: Exim News Service: New Delhi, Jan. 24