March 20, 2024
1 min read

‘India Aims for 15% Natural Gas Share by 2030’

According to the report, imported LNG prices which had shot up significantly in FY23 due to supply disruptions, arising from the outbreak of the Russia-Ukraine war, have also now normalised during the last year…reports Asian Lite News

India targets to increase the share of natural gas in its overall primary energy mix to 15 per cent by 2030 from the prevailing 6 per cent share, said credit rating agency CARE Ratings.

In its latest report on the industry, CARE Ratings said India is envisaged to have robust demand for natural gas from all the major consumption segments viz. fertiliser, city gas distribution, power, refineries, and petrochemicals.

“After digesting the shocks of the Covid-19 pandemic and the Russia-Ukraine war, gas consumption in FY24 is expected to be the highest ever in the country,” it said.

According to the report, imported LNG prices which had shot up significantly in FY23 due to supply disruptions, arising from the outbreak of the Russia-Ukraine war, have also now normalised during the last year.

Further with a sizeable expansion of LNG export capacities being undertaken by the gas surplus hubs/regions of the world, imported LNG prices in India are expected to remain range-bound, thus supporting demand, the report states.

“The higher demand for natural gas in the country is also expected to be supported by sizeable growth in domestic gas production wherein nearly 30 MMSCMD of new domestic natural gas production has gradually come on-stream over the last three years and another around 15 MMSCMD of new domestic natural gas production is expected to come on-stream during FY25,” CARE Ratings said.

With the rise in domestic natural gas production, India’s dependency on imported LNG, which stood at 53 per cent of total consumption in FY21, has gradually declined over the last three years and is expected to remain at around 45 per cent by FY26, it added.

ALSO READ-Tech Titans Stress Importance of Good Governance

Previous Story

WPL: Bowlers Step Up, Batting, Fielding Must Catch Up

Next Story

Startup Mahakhumb 2024 Ignites Startup Growth

Latest from Business

RBI Holds Rates, Boosts Outlook

One of the most significant announcements was the upward revision of India’s GDP growth forecast for FY 2025–26—from 6.5% to 6.8% In a move reflecting cautious optimism, the Reserve Bank of India

Nykaa Expands Global Footprint with UK Debut

To commemorate this significant global debut, Nykaa’s leadership hosted an exclusive soiree at the George Club in Mayfair, London Nykaa, India’s leading beauty and lifestyle destination, is set to make a grand

Nothing’s CMF Goes Indian with $100M JV

Company has announced a $100 million joint venture with Indian electronics manufacturer Optiemus Infracom Limited….reports Asian Lite News Smartphone maker Nothing has spun off its budget sub-brand CMF into an independent subsidiary,

Airbnb Boosts India Economy

Among international guests, the largest inbound sources were the United States, United Kingdom, Canada, and Australia Hospitality giant Airbnb made a significant impact on India’s economy in 2024, contributing Rs 113 billion

Rupee, Markets Gain Amid Trade Optimism

Emerging market currencies, including the rupee, have gained support amid softening in the dollar. Reports suggesting that the US economy is on the verge of a recession have contributed to the greenback’s
Go toTop

Don't Miss

Zanzibar’s Digital Free Zone An Opportunity For India

In the past, several technological and digital hubs have emerged

Quad not turning into Indo-Pacific NATO, says Barry O’Farrell

The Australian High Commissioner on Monday also stated that Australia’s