State run firms to explore plans amid LNG crisis

18 Aug 2022 CW Team

Instead of securing immediate supplies in the face of rising gas prices, the central government is considering a plan that would involve state-run energy firms making participatory commitments in global liquefied natural gas (LNG) contracts that would be available after five years.

This comes at a time when LNG prices have remained high due to disruptions in gas supplies to India caused by the ongoing Russia-Ukraine conflict. There will most likely be no long-term global supply contracts available in the next three years. India currently imports 85% of its oil requirements and 54% of its gas requirements.

Supply cuts from Russia have led European nations to corner a bulk of international contracts to stock up for winter. This has resulted in crowding out of Asian buyers, experts said.

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