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India set to import record LNG volumes

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LNG Industry,

According to Reuters, data shows that India is set to import record LNG volumes this month.

India is reportedly taking advantage of the current low price of LNG, which has been caused by the coronavirus outbreak affecting Chinese demand.

According to Reuters, Shiptracking data from Refinitiv Eikon shows that India is expected to import approximately 2.36 million t this month. The country’s previous monthly record was 2.3 million t in October last year.

Poorna Rajendran, of consultancy firm FGE, reportedly said that India’s annual LNG imports are expected to rise by approximately 10 – 15%.

Rajendran added: “While weakness in Asian spot LNG prices will increase India’s appetite for prompt LNG imports, infrastructure constraints will limit LNG demand growth.

“This remained a key bottleneck in 2019 when low spot prices struggled to boost India’s LNG demand significantly. The startup of Mundra LNG terminal and H-Energy’s Jaigarh terminal and the completion of GAIL’s Kochi-Mangaluru pipeline will determine Indian LNG demand growth in 2020.”

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India LNG news LNG import news