27 November 2019 Oil & Gas Over FY11-19, LPG consumption in India registered ~7% CAGR while LPG imports clocked ~14% CAGR over the same period. LPG demand in India is expected to grow from ~23mmt in FY19 to ~40mmt in FY35 (a conservative estimate) supported by increased LPG penetration in the country and rise in average consumption per household. With Indian refiners moving towards increasing yields of higher value added products, LPG production is expected to lag the incremental demand. We estimate LPG imports to register ~6-7% CAGR over FY20-35. The company expects to push gas through its Mumbai terminal starting Jan20, which should aid additional throughput of ~400-500,000mtpa (taking the total throughput to 1.2mmtpa). A new LPG project at Kandla with static capacity of 45,000mt is expected to be completed by 4QFY21. Throughput of ~700,000mtpa is expected in the first full year of operation (i.e.