Sergey Kondratiev, Deputy Head of the Economic Department of the Institute for Energy and Finance, commented to the Kommersant newspaper on the dynamics of natural gas consumption in India.
Speaking at the India Energy Week forum on Monday, Indian Prime Minister Narendra Modi said that the demand for gas in India will grow by more than 500% in the foreseeable future, to 310-320 billion cubic meters, while up to 70% of the total demand (that is, about 200 billion cubic meters) will be provided by LNG imports. The country has set a goal to increase the share of gas in the energy balance from 6% to 15% by 2030.
According to Sergey Kondratiev, forecasts of consumption growth in India look too optimistic, it is more realistic to reach 150-170 billion cubic meters by 2030. Even with this in mind, the Indian market in the next decade is likely to show one of the highest growth rates in the world, which will require an increase in LNG imports to 100-120 billion cubic meters per year. In 2022, natural gas consumption in India amounted to 60.5 billion cubic meters, 45% accounted for LNG imports. In addition, India is one of the largest importers of ammonia in the world, annually purchasing 2.5–2.7 million tons. According to the analyst, the import of low-carbon ammonia in the country may grow to 6-8 million tons by 2030.
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