Report Summary Amidst COVID 2019 pandemic, India set to import record LNG volumes as spot prices slump – Likely to save USD 800 million in fiscal deficit in Q1 CY 2020
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Crude Oil processing in refineries in February exceeded the target of 20.6 MMT and processed 21.6 MMT wherein IOCL processed the higher amount of crude oil of 5.7 MMT. Also, BPCL processing second highest crude oil of 3.5 MMT in February 2020
The increase in natural gas demand and limited gas reserve in India led to year on year increase of 6.8% in import of LNG in CY 2019. The global slump in spot price levels of LNG led to rise in LNG import to 8238 MMSCM in Q4 2019 by 17.6% from the levels of Q4 2018. Moreover, the levels is likely to rise in Q1 CY 2020 as India is set to import record volumes of liquefied natural gas in Q1 CY 2020, taking advantage of the fuel’s price hitting all-time lows due to the coronavirus outbreak dampening demand in China. With the rise in import levels, Dahej & Hazira LNG terminals are running at almost 100% capacity utilization rate. Moreover, Due to force majeure some of the cargoes bound for China is to be diverted to India. Consequently, this shall lead to the saving of USD 800 million in current fiscal deficit in Q1 CY 2020 which is crucial in the times of economic slowdown around the globe.
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