Centre asks state-run firms to explore plans amid LNG supply crisis: Report

In lieu of securing immediate supplies amid surging gas prices, the central government is exploring a plan involving participatory commitments by state-run energy firms in global liquified natural gas (LNG) contracts available after five years, reported Livemint on Tuesday quoting a top government official.

This comes at a time when the prices of LNG have remained high as gas supplies to India have been hit due to the ongoing Russia-Ukraine war. According to Livemint, no-long term global supply contracts will likely be available in the next three years. India currently imports 85 per cent of its oil requirements and 54 per cent of its gas requirements.