India Diversifies LNG Imports Amid West Asia Crisis
India has taken steps to secure its energy supplies by diversifying its sources of liquefied natural gas (LNG) and crude oil. According to Minister of State for Petroleum and Natural Gas Suresh Gopi, the country now imports LNG from 15 countries, up from six earlier. This move aims to reduce dependence on any particular country or region and enhance India's ability to manage supply disruptions and market volatility.
The government has also expanded its crude oil sourcing network, with imports now coming from 41 countries compared to 27 earlier. This diversification is crucial for India, which imports over 85% of its crude oil requirement. To further strengthen its energy security, the government is expanding its strategic petroleum storage capacity.
The Indian Strategic Petroleum Reserve Ltd (ISPRL) has established three strategic petroleum reserve facilities with a combined capacity of 5.33 million metric tonnes at coastal sites in Andhra Pradesh and Karnataka. Two additional commercial-cum-strategic petroleum reserve facilities with a combined capacity of 6.5 MMT have also been approved in Odisha and Karnataka.
The government regularly monitors risks to energy supplies and assesses global market conditions in coordination with public-sector oil and gas companies and other stakeholders. This proactive approach ensures the uninterrupted availability of crude oil, LNG, and petroleum products for India's growing economy.