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India Receives First Shipment of Cheapest LNG from Russia

Published on June 06, 2018
Indian received its first cheapest shipment of Liquefied Petroleum Gas from Russia's Gazprom.
Oil Minister Dharmendra Pradhan was present to receive the shipment supplied from Gazprom in the carrier called LNG Kano under a 20-year import deal.

Key Point

  • At current oil prices, the Russian rate is $1.5 per one million British Thermal Units (mmBTU) less than the price at which Qatar, India’s oldest supplier, delivered liquefied natural gas (LNG). Russian supplies are also cheaper by $1-1.5 per mmBtu than the LNG sourced from Australia and the U.S.
  • India will be importing $1.5 billion worth of LNG from Russia every year and in total will import $25 billion worth of gas in the next 20 years.

Points to Remember

  • Russia is currently, world’s largest crude oil & second largest gas producer in the world. India is world’s third largest energy consumer and fourth largest importer of LNG.
  • Qatar is the biggest supplier of Natural Gas to India.
  • India’s total natural gas production in 2017-18 was 32.64 billion cubic meter of which 22.01 BCM is offshore production while 10.63% is onshore production.

Expected Question

From which country has India received its first cheapest shipment of LNG?
a. Russia
b. Saudi Arab
c. Germany
d. France
e. USA

Name the carrier that brought the cheapest LNG shipment from Russia.
a. Kino
b. Kano
c. Kuno
d. Keno
e. Kono
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