Team Blitz India
NEW DELHI: India is anticipated to experience a notable upswing in Liquified Natural Gas (LNG) imports in 2024, with projections suggesting a substantial 7 per cent-8 per cent year-on-year increase.
This surge is expected to be driven by heightened demand across key sectors, including power, industrial, and transportation, coupled with infrastructure development in anticipation of national elections, as per S&P Global.
Ayush Agarwal, an LNG analyst at S&P Global Commodity Insights, highlighted that while the fertilizer sector remains the largest consumer of LNG, the power and industrial sectors are poised to contribute significantly to the import upswing if spot prices align closely with the levels witnessed in 2023.
Agarwal said, “India’s LNG imports will continue to increase, with an expected 8 per cent year-on-year growth in 2024. While the fertilizer sector will remain the largest consumer of LNG, the power and industrial sectors could contribute to an increase in imports if spot prices average close to 2023 levels.”
