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New Delhi, June 16, 2020
Union Minister of Petroleum and Natural Gas Dharmendra Pradhan launched the Indian Gas Exchange (IGX), the country's first nationwide online delivery-based gas trading platform, in an e-ceremony here on Monday.
IGX will be a delivery-based trading platform for delivery of natural Gas. The trade on the platform commenced in the Minister's presence, an official press release said
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.
Pradhan said that the launch of the platform had opened a new chapter in the energy history of India and would help the nation move towards free market-pricing of natural gas.
The minister also said that Petroleum and Natural Gas Regulatory Board (PNGRB) is working on rationalization of tariff to make natural gas affordable in every part of the country. The government has no business to be in business and the consumer is the king in a free market, he remarked.
He also said that through IGX, India's vision on mega investments on Liquefied Natural Gas (LNG) terminals, gas pipelines, CGD infrastructure and permission for market driven price mechanism will be materialized.
Referring to the various initiatives taken to make India a gas-based economy, the Minister said that 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. He said that the country will soon have 50 MMT LNG terminal capacity. He said that 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 about 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 30,000 km of pipeline in the next few years.