India's newest liquefied natural gas (LNG) terminal has received its inaugural shipment, according to Bloomberg.
The terminal, located in Gujarat state on India's west coast, is owned by Hindustan Petroleum Corp Ltd. (HPCL). It was originally scheduled for commissioning in April 2024 but faced delays due to technical issues.
Commissioning activities are currently underway, with the cargo expected to be fully unloaded by January 16th.
The terminal's operations will contribute to India's broader energy strategy, which aims to increase the share of natural gas in the energy mix from the current 6% to 15% by 2030.
This shift is intended to reduce reliance on dirtier fossil fuels such as oil and coal.
While LNG imports reached a record high in 2023, demand often faces challenges due to price fluctuations. Price spikes can make LNG too expensive for Indian buyers, hindering its wider adoption.