In a revelation that underscores India’s energy vulnerabilities, Elara Capital reports that 69% of 2025 LNG imports—equivalent to 17.5 million tonnes from Qatar, UAE, and Oman—depended on the Strait of Hormuz. This chokepoint remains a linchpin for nearly two-thirds of the nation’s gas needs.
Adjusted figures peg effective reliance at 66%, signaling persistent risks from regional instability. A Hormuz hiccup could sequentially disrupt terminals, transmission, and industrial outputs, with profound economic repercussions.
The Dahej terminal led imports at 14.8 million tonnes, 76% Hormuz-routed. Full exposure grips Kochi and Chhara; high risks plague Mundra (88%), Dhamra (65%), and Ennore (62%). Diversified inflows shield Hazira (25%) and Dabhol (zero).
Petronet LNG, with 77% at stake, confronts direct hits to regasification income, evidenced by force majeure notices amid Qatar setbacks. GSPL’s 62% transmission dependency mirrors this exposure.
Gujarat Gas, fueling Morbi with 73% LNG (48% Hormuz-tied), braces for margin erosion as spot prices climb, challenging propane viability. Force majeure alerts and planned 2026 supply trims signal adaptive measures.
GAIL’s marketing arm shines with minimal 16% (adjusted 30%) Hormuz ties, thanks to robust deals from the US, Russia, and Australia. As shadows lengthen over the Strait, policymakers must prioritize supply diversification to fortify India’s gas ecosystem against foreseeable threats.