India's gas regulator pitches for building natural gas storage (updated)

AK Holdings

10/07/2023 08:08

(Adds chairman's comment in paragraph 2)
    By Nidhi Verma
       BENGALURU, July 10 (Reuters) - India should build
storage for natural gas to boost the use of cleaner fuel in the
country and hedge against global price volatility, A. K. Jain,
chairman of the Petroleum and Natural Gas Regulatory Board, said
on Monday.
        He said India should have natural gas storage that
allows suppliers to build stocks when prices are low. That will
also help in meeting higher demand from the industries, he
added.
  
    "For market dynamics and supply assurance for the customers
to shift to gas, (we) require gas storage," Jain told reporters
at an event.
    India has 5 million tonnes of strategic petroleum reserves
but no storage facilities for natural gas yet.
    The country aims to raise the share of natural gas in its
energy mix to 15% by 2030, from about 6.5% now.

 (Reporting by Yagnoseni Das and Ashish Chandra in Bengaluru;
Editing by Janane Venkatraman
)
 ((Yagnoseni.Das@thomsonreuters.com; +91 6001289066;))