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DAILY NEWS ANALYSIS

  • 16 June, 2020

  • 10 Min Read

Indian Gas Exchange (IGX)

Indian Gas Exchange (IGX)

Context

  • Minister of Petroleum and Natural Gas & Steel Shri Dharmendra Pradhan launched the Indian Gas Exchange (IGX), the first nationwide online delivery-based gas trading platform, in an e-ceremony today.

About Indian Gas Exchange (IGX)

  • IGX will be a delivery-based trading platform for the delivery of natural Gas.
  • Incorporated as a wholly owned subsidiary of 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.
  • 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.
  • The minister also said that Petroleum and Natural Gas Regulatory Board (PNGRB) is working on the rationalization of tariffs to make natural gas affordable in every part of the country.
  • Through IGX, India's vision of mega investments in Liquefied Natural Gas (LNG) terminals, gas pipelines, CGD infrastructure and permission for a market-driven price mechanism will be materialized.

India’s steps to enhance Natural gas production

  • 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 will soon have a 50 MMT LNG terminal capacity.
  • 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 Mozamibque, Russia and other countries.
  • He also mentioned various ongoing projects to strengthen the gas infrastructure in the country like Urja Ganga, 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.
  • 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.

Source: PIB


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