Swan Energy: India LNG import plan – a big push
Shares of Swan Energy rallied 15% during early trade on Thursday as India looks to boost its liquefied natural gas (LNG) imports from next year.
Swan Energy has started its floating terminal, raising the country’s capacity to ship in the super chilled fuel by 12% to 47.5 million tonnes per annum (mtpa).
New demand for LNG from India is expected to support Asian gas prices which rose to record highs earlier this year, partly aided by the transition from coal or oil to gas in developing countries.
The 5-mtpa floating storage and regasification unit (FSRU), located at Jafrabad in western Gujarat state, will be commissioned in April, said P Sugavanam, director at Swan Energy and chairman of Swan LNG Ltd, which is developing the project.
India, the world’s fourth largest LNG importer, wants to raise the share of natural gas in its energy mix to 15% by 2030, from the current 6.2% to cut emissions.
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