India increased LNG imports by 8% to 22 million tons in 2023

By Rhod Mackenzie

In 2023, India imported 22.141 million tons of liquefied natural gas, an increase of 8% from 2022 (20.468 million tons), according to the state Ministry of Trade and Industry.

However, this is still below the 2021 level (24.373 million tons) and the 2020 record (26.6 million tons).

The average import price in 2023 was $461 per thousand cubic meters, compared to $667 in 2022 and $379 in 2021. In 2022, the global gas price increased significantly as Europe shifted from Russian pipeline gas to LNG. This rise in spot prices has had a negative impact on the availability of LNG for price-sensitive buyers such as India.

Qatar supplied almost half of the total volume in 2023, with 10.9 million tons. The USA and the UAE each provided over 3 million tons, accounting for 14% of the supply volume each.

According to Interfax, only one shipment came directly from Russia for the entire year. In the Russian Federation, large-scale LNG is produced by the Sakhalin Energy plants (co-owned by Gazprom, Mitsui, and Mitsubishi) and Yamal LNG (with participants NOVATEK, TotalEnergies, Chinese CNPC, and SRF).

Six parties originated from Cameroon. Gas was supplied from Cameroon to India as part of a swap scheme within the Gazprom Marketing & Trading portfolio (now SEFE after confiscation by Germany), while gas from Yamal LNG was sent to other destinations. According to the Indian side, the supplier caused multiple disruptions in gas supplies to the country, resulting in the cancellation of around 30 cargoes after the change of ownership. GAIL (India) Ltd. filed a lawsuit against trader SEFE Marketing & Trading Singapore Pte Ltd. with the London Court of International Arbitration.

In 2023, six LNG shipments arrived and were reloaded in European ports, possibly of Russian origin.

One large-capacity shipment was re-exported from China.