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DAILY NEWS ANALYSIS

  • 17 June, 2020

  • 4 Min Read

Indian Gas Exchange

Indian Gas Exchange

Part of: GS-III- Economy (PT-MAINS-PERSONALITY TEST)

Shri Dharmendra Pradhan launches Indian Gas Exchange, the first nationwide online delivery-based gas trading platform

Minister of Petroleum and Natural Gas & Steel launched the Indian Gas Exchange (IGX), the first nationwide online delivery-based gas trading platform, in an e-ceremony. IGX will be a delivery-based trading platform for the delivery of natural Gas.

Imp Points

  • Incorporated as a wholly owned subsidiary of the IEX - India’s energy market platform, IGX will enable market participants to trade in standardised gas contracts.
  • The platform is fully automated with a web-based interface to provide a seamless trading experience to the customers.
  • The launch of the new electronic trading platform for natural gas has opened a new chapter in the energy history of India and helped the nation move towards free market pricing of natural gas.
  • As there will be a market-driven pricing mechanism, India Gas Exchange (IGX) will play a bigger role in realizing a free market for gas, he added.
  • Through IGX, India's vision of mega investments on Liquefied Natural Gas (LNG) terminals, gas pipelines, CGD infrastructure and permission for a market-driven price mechanism will be materialized.
  • Referring to the various initiatives taken to make India a gas-based economy, the Minister said that the Indian gas market has multiple price bands for assets including pre-NELP, NELP, High Temperature and High pressure (HTHP) and Deepwater and Ultra Deep Water blocks.
  • The country has long-term gas contracts with many countries like Qatar, Australia, Russia and the US, and has made investments abroad in strategic assets in Mozambique, Russia and other countries.
  • He also mentioned various ongoing projects to strengthen the gas infrastructure in the country like Urja Ganga (refer www.aspireias.com, Eastern India grid, Indradhanush project in the North-east, Dhamra-Dahej pipeline, coal gasification and CBM policy.

He said that country will have more than 30,000km of pipeline in the next few years. According to the minister, the new electronic trading platform for natural gas is the biggest indicator of the centre's progressive policy as it completes the entire energy value chain from gas production from multiple sources and imports of LNG from different parts of the globe to having a transparent price mechanism. Talking about the Prime Minister’s vision to provide energy justice to the people of India, he said that they must have universal access to a clean, affordable, sustainable and equitable supply of energy.

Source: PIB


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