Global LNG markets heading towards supply glut; likely to benefit India's gas offtake: ICRA.

The central government of India has reduced the windfall tax on petroleum crude from Rs 4,600 per tonne to Rs 2,100 per metric tonne, effective August 17. This tax reduction aims to encourage domestic sales of fuel, as private refiners have been selling fuel internationally to capitalize on refining margins. In addition, there will be no windfall tax on the export of diesel and aviation turbine fuel. ICRA predicts that the global liquified natural gas (LNG) markets will experience a significant supply glut in the next four years, with about 193 MMT of LNG production and liquefaction capacity being added. This surplus is expected to keep LNG prices low, benefiting India's gas offtake. [Extracted from the article]

Copyright of FRPT- Chemical Snapshot is the property of Hapser Data Services and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)