India's imports of Liquefied Natural Gas (LNG) from the United States have reached an all-time high. According to the US Energy Information Administration, LNG imports from the U.S. to India increased by more than 71% year-on-year during the first eleven months of 2024.
About LNG:
LNG is produced by cooling natural gas to -162°C (-260°F), converting it into a liquid state. Primarily made up of methane (around 90%), LNG is colorless, odorless, non-toxic, and non-corrosive.
India ranks as the fourth-largest importer of LNG globally.
Reasons Behind India's Growing LNG Dependence:
- Diversifying the Energy Mix: Efforts to reduce coal usage are driving the shift to cleaner LNG fuel.
- Government’s Energy Goals: The government aims to increase the share of natural gas in the energy mix to 15% by 2030.
- Gas-based Economy: India is transitioning to a gas-based economy to reduce reliance on imported crude oil.
- Climate Change Targets: LNG emits 40% less CO2 than coal and 30% less than oil, making it the cleanest fossil fuel option.
Challenges Associated with LNG:
- High Prices & Price Volatility: Fluctuating prices due to supply-demand imbalances, such as the Russia-Ukraine conflict, lead to instability.
- Inadequate Pipeline Network: The lack of an efficient pipeline system to distribute LNG from terminals to various regions hampers its availability, particularly in remote areas.
- Limited Storage Capacity: India's limited storage capacity makes it vulnerable to global LNG price fluctuations.
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