The Executive Director of Indian Oil Corp's gas division, Sandeep Jain, announced that the company plans to quadruple the capacity of its LNG import terminal at Ennore in southern India.

Speaking to reporters at an industry event, Jain stated that the company intends to increase capacity to 10 million metric tons per year (tpy) in response to the nation's rising gas demand. His explanation was brief.

With the aim of reducing emissions, India plans to increase the proportion of gas in its energy mix from 6.2% to 15% by 2030.

Jain said,"IOC hopes to boost local sales of gas to 20 million tpy by 2030, a substantial increase from the current 6.3 million tpy."

Aside from the Ennore terminal, IOC has leased capacity in at least two local projects operated by other companies to import gas.

Jain said India needs to sign more long-term LNG import contracts to ensure price stability.