Indian Oil Corporation (IOCL) plans to double its liquefied natural gas (LNG) import terminal at Ennore in southern India to 10 million tonne per year (tpy).
The oil and gas company, in its effort to reduce emissions, is aligned to increasing its share of gas in the country’s energy mix to 15 percent by 2030. Amidst the growing demand, it aims to boost local gas sales to 20 million tpy from the current 6.3 million tpy.
IOCL recently signed two agreements for 14-year LNG import contracts worth USD 11 billion. It has leased capacity in two local projects which are operated by other companies to import gas.
India would need to sign more of long-term import contracts to ensure price stability and consistently cut emissions.