New Delhi: Nearly 69% of India’s liquefied natural gas imports in 2025—about 17.5 million tonnes—came from West Asian nations, including Qatar, the United Arab Emirates, and Oman, with shipments passing through or near the strategic Strait of Hormuz, highlighting the region’s critical role in India’s energy supply, according to a report.

Even after adjusting for GAIL’s US LNG swap volumes, effective exposure moderates to 66 per cent, which means concentration risk remains significant, Elara Capital analysts said in the report.

The report noted that any disruption in the Hormuz corridor would likely affect the sector sequentially, from terminal utilisation to transmission throughput and downstream industrial margins.

Terminal-level exposure is highest at Petronet LNG’s Dahej terminal, which handled 14.8 million tonnes in 2025, with 76 per cent of volumes sourced via the Strait.

Smaller terminals such as Kochi and Chhara are fully dependent on the Middle East, while Mundra (88 per cent), Dhamra (65 per cent), and Ennore (62 per cent) also face elevated risk, the brokerage said. Hazira (25 per cent) and Dabhol (0 per cent) benefit from LNG sourced from the US, Russia, and Australia.

PLNG and Gujarat State Petronet were highlighted as the most vulnerable to supply shocks.

PLNG’s 77 per cent exposure to the Strait directly affects regasification revenue; the company has issued force majeure notices to GAIL, IOCL, and BPCL, citing disruptions at Ras Laffan, Qatar. GUJS, with 62 per cent of its CY25 transmission volume reliant on the Strait, faces similar risks.

Gujarat Gas Ltd (GGL) is exposed on both margins and volumes, with LNG forming 73 per cent of its supply, primarily serving the Morbi industrial cluster.

With 48 per cent dependency on the Strait, rising spot LNG prices could erode GGL’s competitiveness against alternative fuels such as propane, said the report.

Moreover, the company has issued force majeure notices to industrial customers and will curtail supply effective March 6, 2026, and may reduce Daily Contracted Quantities (DCQ) to industrial clients, the brokerage said.

GAIL’s marketing segment, with only 16 per cent exposure, is the most resilient, supported by diversified contracts from the US, Russia, and Australia. The actual dependency is estimated at 30 per cent, according to the brokerage.

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–IANS