As the fourth largest LNG importer globally, India is aiming to boost the gas share in its energy mix from 6.2% to 15% by 2030. Jain mentioned that Indian oil companies are in talks with U.S. firms for more LNG options, including GAIL (India) Ltd, Indian Oil Corp, and Bharat Petroleum Corp.
During the four-day India Energy Week conference starting Monday, Indian companies will engage with U.S. LNG suppliers. Jain noted that they might consider investing in U.S. LNG projects if the offers are appealing.
GAIL is looking to revive its plans to either acquire a stake in a U.S. LNG facility or secure a long-term deal, as stated by its chairman, Sandeep Kumar Gupta, to Reuters. Currently, GAIL imports 5.8 million tons of U.S. LNG each year through long-term contracts, sourced from Berkshire Hathaway Energy's Cove Point plant and Cheniere Energy's Sabine Pass in Louisiana.
Most of India's long-term LNG imports come from Qatar, with prices tied to crude oil. Jain emphasized that India's gas sourcing strategy should include a mix of U.S. Henry Hub prices and crude oil-linked rates. Indian companies are particularly interested in U.S. LNG since they can source crude oil from various suppliers.
Indian Oil Minister Hardeep Singh Puri mentioned that energy imports from the U.S. will be on the agenda when Prime Minister Narendra Modi meets President Donald Trump this week.
Additionally, at least six Asian nations, including Japan and Taiwan, are keen on purchasing U.S. LNG, with some aiming to reduce their trade deficits amid Trump’s tariff threats, while others seek to diversify and expand their energy supplies.