India’s Petroleum and Natural Gas Regulatory Board Chairman, A. K. Jain, has proposed the construction of natural gas storage facilities to promote the use of cleaner fuel and hedge against global price volatility, Reuters reported. The storage would allow suppliers to stock up when prices are low and meet higher demand from industries.
Need for Natural Gas Storage
“For market dynamics and supply assurance for the customers to shift to gas, (we) require gas storage,” Jain told reporters. While India currently has 5 million tonnes of strategic petroleum reserves, it lacks storage facilities for natural gas.
India’s Energy Goals
India is aiming to increase the share of natural gas in its energy mix to 15% by 2030, up from the current 6.5%. The proposed storage facilities would play a crucial role in achieving this target by ensuring a steady supply of cleaner fuel.
Read Next: Top 10 Real Money-Earning Apps In India
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.