South Asian liquefied natural gas importers India, Pakistan and Bangladesh have been hit hard by spiralling costs in recent months, not least in the LNG spot market.

“South Asian LNG markets are at the crossroads as global LNG prices continue skyrocketing,” Wood Mackenzie’s senior research analyst for South Asia, Raghav Mathur, tells Upstream.

“LNG demand in India, Pakistan and Bangladesh had been expected to grow by some 20% to 30% each between 2020 and 2025 prior to the European gas crisis.