India may still be on track for record levels of LNG in 2020

Tuesday, 08 September 2020
Free Read

Indian liquefied natural gas monthly imports edged higher as shipments cost less and began to gather pace along with economic activity and shipments for September at the nation’s largest terminal from Cove Point in the US and from Trinidad.

The latest LNG import figures show that imports for July 2020 amounted to 2.19 million tonnes, or more than 30 cargoes, a rise of 6.3 percent compared with July 2019.

The cumulative imports for the first four months of the fiscal year came to 7.37MT, which was 7.7 percent lower compared with the 7.98MT received in the April to July period of 2019, according to the data from the Indian Ministry of Petroleum and Natural Gas.

The LNG deliveries to India came mainly from Qatar, Australia, the US and West Africa.

The cost of the July cargoes amounted to around $500M versus $800M in July 2019.

The fourth-month April to July costs were $1.9Bln versus $3.2Bln the first four months of the previous fiscal year.

More Atlantic Basin cargoes are heading for the Indian market.

The 174,000 cubic metres capacity “GasLog Gibraltar” is scheduled to deliver a cargo on September 5 to India’s Dahej terminal from the Point Fortin plant in Trinidad.

The 165,500 Cubic metres capacity carrier “Meridian Spirit” is scheduled to unload a cargo on September 12 at the Dahej facility from the US Cove Point plant in Maryland, where Gas Authority of India has a tolling agreement.

The Ministry added that gross production of natural gas for the month of July, 2020 was 2.443 billion cubic metres versus 2.718 Bcm in July 2019. This was 10 percent lower compared with the corresponding month of the previous year.

The cumulative production of natural gas came to 9.228 Bcm for the current financial year from April to July 2020 compared with 10.749 Bcm in the same period of 2019.

Related Video

Free Read