India's imports for the liquefied natural gas (LNG) increased 9.7% year-on-year and 13.4% month-on-month to 83 million metric standard cubic metres per day (mmscmd) said the Petroleum Planning & Analysis Cell and Ministry of Petroleum and Natural Gas. The increase comes after a five-month period of lower year-on-year (yoy) imports between November 2018 and March 2019, wherein the average LNG imports were 10.4% lower at 69.5mmscmd than the corresponding five-month period last year. The 0.3% year-on-year reduction in domestic natural gas production in April 2019 coupled with 4.2% year-on-year increase in consumption demand seems to have driven the increase in LNG imports. LNG was procured during the month by Petronet LNG Ltd., GAIL (India) Ltd., Gujarat State Petroleum Corporation Ltd., Reliance Industries Limited, Torrent Power Limited, Shell (formerly Hazira LNG Pvt. India Ratings and Research added that in April 2019, crude oil import volume grew 14.1% yoy and India’s crude oil import dependency was 86.8%.

Source: Mint June 11, 2019 05:48 UTC