INDIA'S state-owned liquefied natural gas players stand out for their willingness to scour the world for long-term LNG contracts, stepping up engagement with operators from the US, Middle East and Russia to surmount the challenges that a volatile spot market poses for the nation's gas sector. Analysts and individuals involved in India's LNG business describe a situation of rising stakes for such a populous nation with a fast-growing economy, explaining this willingness to listen to sellers' demands for longer-term commitments. India is already the world's fourth-largest importer of LNG, with vaulting growth that looks set to continue. Prime Minister Narendra Modi has said the nation's gas consumption is set to jump by up to 500% in the coming years, along with a sizeable increase in gas infrastructure and LNG import capacity. The South Asian nation's record long-term LNG orders come just as Chinese demand is resurgent, following Covid-19 lockdowns. It also highlights the growing competition for LNG after Russia's invasion of Ukraine last year prompted Europe to reduce dependence on Russian gas.
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