Indian companies are investing billions of dollars to build
natural gas infrastructure and are scouting for long-tern LNG imports deals as
the nation wants to raise the share of natural gas in its energy mix to 15% by
2030 from the current 6.3%.
Vitol will deliver LNG from its global LNG portfolio to GAIL
at various locations in India, GAIL said in a statement.
"This long-term LNG deal with Vitol by GAIL will
augment its large LNG portfolio and will contribute to bridging India's demand
and supply gap of natural gas," GAIL chairman Sandeep Kumar Gupta said in
a statement.
Gas consumption in India would rise to over 500 million
standard cubic metres a day (mmscmd) by 2030 from the present 155 mmscmd, oil
minister Hardeep Singh Puri said this week.
GAIL has an LNG portfolio of around 14 million tpy
comprising supplies from countries including the USA, Qatar, Australia and
Russia, according to its 2022/23 annual report.
GAIL is continuing negotiations with others for long term
deals, its head of marketing, Sanjay Kumar, said.
The company plans to add 7 million to 8 million tpy of LNG
to its portfolio by 2030, its head of finance said last year.
GAIL, which operates a 5 million tpy LNG plant in Western
Maharashtra State, has also leased space at other Indian terminals. It is
scouting for a 26% stake in a U.S.-based LNG plant to source 1 million tpy of
LNG for 15 years.
It is also in talks with Abu Dhabi National Oil Co and Russian LNG producer Novatek (NVTK.MM), and Qatar to source LNG. -Reuters
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