Global oil and gas majors are looking to India, the world’s third biggest oil importer, to buy some of their excess liquefied natural gas (LNG) as the South Asian nation improves its gas infrastructure and strives to reduce emissions. Spot LNG prices have more than halved since last year due to oversupply as producers battle for market share.
The Indian market looks set to grow, however.
The country is investing $60 billion in gas infrastructure, including setting up cross-country pipelines and LNG import terminals to connect gas-starved regions to supply hubs.
Oil Minister Dharmendra Pradhan has said that by the end of Prime Minister Narendra Modi’s current term in 2024, India will be ready with a cross-country natural gas grid.
Latest posts by ET Energy World (see all)
- UP Power Minister Sets Example, Installs Prepaid Electricity Meter At Home - November 16, 2019
- Petrol prices rise for third consecutive day; check out fuel rates across metros - November 16, 2019
- AIIB to give $500-mn loan for Mumbai rail, $75 mn for renewable projects - November 16, 2019