Our exclusive: Private sector abandons LNG trade as spot prices spirals – 15 Jan 2021

It is really a sad testimony to private sector enterprise in a key segment of the Indian economy, the gas segment.

The Hazira LNG terminal, owned by none other than multinational Shell, does not have a single LNG vessel lined up for delivery as spot prices have risen so high that cargoes at Hazira have dried up or have been diverted elsewhere.

It has been now left to public sector entities like GAIL and Petronet LNG to carry the onus of feeding India's industry, which is more than 50% dependent on imported LNG.

"We have not canceled a single MMBtu of gas to our clients, " a top GAIL source told this website.

Shell on the other hand had a tolling business model around its LNG gasification terminal, based on spotor short term cargoes. So when the going got tough, the cargoes just disappeared into thin air.

Click on Reports for more.