India to double domestic gas use under a $67-bln plan

India has earmarked USD 67 billion over the next five to six years to significantly increase the percentage of gas in the country’s energy mix, India’s Prime Minister Narendra Modi announced at India Energy Week on Tuesday.

The country has set a goal to grow the use of gas from 6.3% of the energy mix to almost 15%.

Modi highlighted the country achieving an increase in ethanol blending in petrol to 12% alongside the formation of a global alliance on biofuels.

India currently has an LNG import capacity of 46 million tonnes per year, which is expected to increase to at least 65 million tonnes per year in the next few years.

In November 2023, the country set plans to begin blending compressed biogas with gas to cut down on natural gas imports.

The South Asian nation is the world’s fourth-largest LNG importer and the world’s third-largest consumer of energy, oil and LPG.

According to Modi, domestic demand for energy will likely double by 2045.

The prime minister also highlighted the country’s aims to have net-zero carbon dioxide emissions by 2070, which will be achieved in part through substantially increasing hydrogen production and export.

India Energy Week is taking place between February 6 and February 9, 2024, in Goa.