Indian Gas Exchange
The Indian Gas Exchange (IGX), the first nationwide online delivery-based gas trading platform was inaugurated in an e-ceremony today. IGX will be a delivery-based trading platform for the delivery of Natural Gas. Incorporated as a wholly-owned subsidiary of the IEX – India’s energy market platform, IGX will enable market participants to trade in standardized gas contracts. The platform is fully automated with a web-based interface to provide a seamless trading experience to the customers.
- This will help the nation move towards the free-market pricing of natural gas. with this India has joined the club of progressive economies. As there will be a market-driven pricing mechanism, the Indian Gas Exchange will play a bigger role in realizing a free market for gas.
- 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. The government has no business to be in business and the consumer is the king in a free market.
- Through IGX, India’s vision on mega investments on Liquefied Natural Gas (LNG) terminals, gas pipelines, CGD infrastructure, and permission for market-driven price mechanisms will be materialized.
- India 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.
There are 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. India will have more than 30,000km of pipeline in the next few years.
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Month: Current Affairs - June, 2020