India will buy US LNG if offered at reasonable price, Petronet CEO says
- Bilateral trade was $132 billion in 2024-2025, with a roughly $41 billion surplus in India’s favour
NEW DELHI: India will buy U.S. liquefied natural gas if it is offered at reasonable rates, the head of the country’s top gas importer Petronet LNG said on Thursday, as New Delhi looks to boost imports from Washington.
U.S. President Donald Trump last week said he will slash tariffs on imported Indian goods to 18% from 50%, easing concerns in India, but in exchange asked New Delhi to more than double its annual imports from the United States.
Bilateral trade was $132 billion in 2024-2025, with a roughly $41 billion surplus in India’s favour.
“India is looking to source energy at the most competitive and affordable price for consumers,” Akshay Kumar Singh said at a press conference, adding that consumers would use gas if “the prices are reasonable” compared to other fuels.
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India has about 27,000 megawatts of gas-fired power generation capacity, but plants are operating at less than a quarter of that capacity due to a shortage of gas available at “affordable prices”, Singh said.
India’s stated intention to buy $500 billion worth of U.S. goods over five years under a trade deal with Washington is drawing scepticism, with economists warning it could distort commercial procurement and sharply reshape the trade balance.
The appetite for liquefied natural gas in the world’s most populous nation is set to rise in the coming years, driven by demand across the fertiliser, city gas, refining, and power sectors.
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India is the world’s fourth-largest buyer of LNG and is seeking to raise the share of gas in its energy mix to 15% by 2030 from around 6% at present.
Petronet, which buys gas from Qatar and Australia, is exploring deals to lock in more long-term deals as it expands the capacity of its existing plant and builds a new import terminal on the east coast.
LNG prices are expected to stabilise as more capacities are added globally, Singh said.
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