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Low LNG Imports to India due to High Global Prices


India struggling with high global LNG prices and limited supplies which could disrupt India's regasification capacity plans.

  • India's LNG imports to average 81mcm/d in 2022, down 12% from 2021. H2 2022 imports are forecast to drop 7mcm/d from the previous year to 82mcm/d according to S&P Global data.
  • Existing regas levels are running low and the introduction of some of the planned additions are slow according to S&P Global Commodity Insights.
  • They expect only 10m mt/y of regas capacity to come online in 2022 compared to a previous estimate of 17m mt/year.
  • There is commissioning risk because “In the absence of term contracts, they will be forced to import LNG from the spot market but won't be able to pass on such high prices to price-sensitive downstream consumers," according to S&P Global.
  • Three of the six existing terminals are estimated to be operating at only between 12-20% of capacity. Total capacity of the six terminals is 42.7m mt/yr with a reported target of 75m mt/yr by 2030.

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