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

Newdelhi:15/6/20:Minister of Petroleum and Natural Gas & Steel Shri Dharmendra Pradhan launched the Indian Gas Exchange (IGX), first nationwide online delivery-based gas trading platform, in an e-ceremony today.  IGX will be a delivery-based trading platform for delivery of natural Gas.  The trade on the platform commenced in his auspicious presence. 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 web-based interface to provide seamless trading experience to the customers.

Speaking on the occasion, Shri Pradhan said that the launch of the new electronic trading platform for natural gas today has opened a new chapter in the energy history of India and help the nation move towards free market pricing of natural gas. He said that with this landmark, India is joining the club of progressive economies. As there will be a market driven pricing mechanism, India Gas Exchange (IGX) will play a bigger role towards realizing a free market for gas, he added.

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, Shri Pradhan added. 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 30,000km of pipeline in 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 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 clean, affordable, sustainable and equitable supply of energy.

Secretary, Ministry of Petroleum and Natural Gas Shri tarun Kapoor, PNGRB Chairman Shri D.K.Saraf were also present on the occasion.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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