India’s imports of liquefied natural gas (LNG) dropped 14.7 percent in January as compared to the same month a year ago.
This is the third monthly LNG import decline since April 2016. India’s monthly LNG imports were down in July and December, respectively.
India imported 1.64 billion cubic meters or about 1.21 million mt of LNG in January, as compared to 1.92 Bcm in the same month in 2016, according to the data from oil ministry’s Petroleum Planning and Analysis Cell (PPAC).
Domestic natural gas production rose 11.9 percent in January to 2.73 Bcm.
In the April-January period, India’s LNG imports rose 16.1 percent year-on-year to 20.73 Bcm or about 15.09 million mt of LNG, PPAC data shows.
India’s LNG imports have been rising steadily in the last 12 months, boosted by low prices of the chilled fuel.
Costs of importing LNG into India have dropped sharply last year after the country’s largest importer, Petronet LNG signed a revised long-term contract with Qatari LNG producer RasGas.
India paid $0.5 billion for January LNG imports. In the April-January period, LNG import costs reached $4.8 billion, PPAC said.
To remind, the country also recently announced plans to halve its basic customs duty on imports of the chilled fuel.
India aims to reduce the basics customs duty on LNG from current 5 percent to 2.5 percent as part of its plans to shift to a natural gas-based economy.
LNG World News Staff