India’s LNG lifeline traces perilously through the Strait of Hormuz, carrying 69% of 2025 imports—17.5 million tonnes—from key West Asian suppliers Qatar, UAE, and Oman. Elara Capital’s brokerage insights paint a picture of entrenched vulnerability even after swap adjustments, settling at 66% dependency.
Potential Strait snarls threaten a domino effect: idle terminals, stalled pipelines, diminished industrial profits. Dahej’s 14.8 million tonne throughput included 76% Hormuz gas, topping the risk chart. Middle East monopoly reigns at Kochi and Chhara; heavy leans at Mundra (88%), Dhamra (65%), Ennore (62%). Safer havens: Hazira (25%), Dabhol (none).
Regas leader Petronet LNG, 77% exposed, risks revenue plunges, as Qatar force majeure episodes prompted notices to GAIL, IOCL, BPCL. GSPL’s transmission, 62% linked, teeters similarly.
Morbi-focused Gujarat Gas, 73% LNG-reliant with 48% Hormuz exposure, faces competitive squeezes from pricier spots versus propane. Client force majeure and post-2026 volume cuts are in play.
Optimism flickers at GAIL, where 16% (circa 30% true) Hormuz reliance is cushioned by US, Russian, Australian pacts. This analysis urges strategic pivots—diversify now to avert energy crises lurking in Hormuz’s shadows.