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Business News/ Companies / News/  Petronet not approached by US to divert LNG car
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Petronet not approached by US to divert LNG car

Concern has mounted over the possible disruption of piped natural gas supplies from Russia, Europe's biggest gas provider, following the buildup of Russian troops near Ukraine and heightened tensions between Moscow and the West

India imports the bulk of its LNG through long term deals. Singh noted that an escalation of Russia and Ukraine tensions could increase prices.Premium
India imports the bulk of its LNG through long term deals. Singh noted that an escalation of Russia and Ukraine tensions could increase prices.

India's top gas importer Petronet LNG has not received any request from the United States to divert liquefied natural gas (LNG) cargoes to Europe, its managing director A.K. Singh said in an earnings conference on Thursday.

Washington has approached major energy producers and buyers around the world over a potential diversion of gas to Europe due to simmering tensions between Moscow and Ukraine. In Asia, Japan will divert some LNG cargoes to Europe after requests from both the United States and the European Union.

"We have not been approached from any forum that there is a need of any diversion," Singh said. His company has no spare cargoes to divert as most of the supplies are committed to Indian customers, he added.

Concern has mounted over the possible disruption of piped natural gas supplies from Russia, Europe's biggest gas provider, following the buildup of Russian troops near Ukraine and heightened tensions between Moscow and the West.

India imports the bulk of its LNG through long term deals. Singh noted that an escalation of Russia and Ukraine tensions could increase prices.

"It is only some concern on the price part ... there could be some demand destructions if the prices are very high but we are also watching very closely the geopolitical development," he said.

"We hope that our country doesn't get much affected with these things."

Petronet is still in talks with Qatar for procuring LNG cargoes the Indian company had deferred in previous years, he said.

"I can just say that there is a positive response, but still we have not been able to freeze the final number."

To meet India's rising gas demand Petronet will invest 400 billon rupees ($5.3 billion) over the next four to five years to expand its LNG import infrastructure, build petrochemical plant and look for investment in overseas LNG projects, Singh said.

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This story has been published from a wire agency feed without modifications to the text.

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Published: 10 Feb 2022, 03:03 PM IST
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