The eighth LNG India Summit 2024, themed “Natural Gas: Envisioning the Future Beyond 2050,” concluded successfully in New Delhi. The two-day conference marked a significant milestone in the advancement of the LNG sector from the previous edition. The summit turned out to be an insightful platform as it opened up the stage for the industry leaders to discuss the latest advancements in LNG as the long-haul fuel, aiming to boost LNG infrastructure and support India’s energy transition to greener mobility.
In his welcome address, Kushal Sharma, Division Head and Member of the Extended Board of Management at Messe Frankfurt Trade Fairs India Ltd. highlighted how India’s LNG industry is poised to triple natural gas consumption by 2050, as indicated by a recent report from the US Energy Information Administration.
He noted that Indian natural gas consumption is projected to grow at an annual rate of 4.4 per cent, significantly outpacing China’s two per cent annual growth, making India the fastestgrowing market for natural gas. He stated that India’s industrial sector, particularly ammonia production aimed at reducing fertiliser imports and the expanding oil refining sector, will drive most of the growth in natural gas consumption over the coming decades. This growth and demand will require a significant increase in India’s domestic natural gas supply and imports in the coming years. The summit served as a crucial forum for discussing how to meet these future demands, focusing on infrastructure development, policy support, and innovative technologies in the natural gas economy for LNG as an alternative fuel.
INDIA’S CURRENT & FUTURE OUTLOOK FOR LNG IMPORTS
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