LNG

India’s Reliance Industries, the group with growing natural gas and oil and chemicals businesses, reported increased overall fiscal first-quarter revenues while net income slipped amid moves to boost the nation’s domestic output with more exploration and production to offset LNG and oil imports.

Reliance Industries, the Indian conglomerate and a leading energy company with domestic gas volumes backing the nation’s LNG imports, reported a decline in fiscal first-quarter earnings while strategic oil and gas operations advanced amid likely continued volatility in gas markets.

Reliance Industries, the Indian conglomerate and a leading oil, natural gas and chemicals company supplying rising gas volumes to supplement LNG imports, reported a jump in revenues overall and across its natural gas and oil divisions because of higher prices and tighter fuel markets.

Indian Oil Corp. (IOC), the country’s main oil refiner and importer and the owner of the nation's only East Coast LNG import terminal at Ennore, posted a 16 percent increase in net profits even as margins were tight in the petrochemicals industry and losses were made on partly subsidized fuels.

Indian liquefied natural gas imports in the fiscal year from April 2021 to March 2022 declined by 3.4 percent, though still amounted to 350 cargoes even as costs jumped by 40 percent to almost $12 billion.

Reliance Industries, the Indian company with growing natural gas output offshore eastern India in competition to LNG, has succeeded with the first ever jumbo US dollar Notes issuance from India for $4 billion, which was almost three-times over-subscribed, and showed the money-raising power of overseas oil and gas.