India launched its first across-the-board online delivery-based gas trading platform, the Indian Gas Exchange, IGX. Union Minister for Petroleum and Natural Gas, Dharmendra Pradhan announced the launch on Tuesday
It will enable foreign companies, including gas exporters in the Gulf, to sell directly to domestic customers here. Indian gas companies will also be allowed to do so.
India plans to increase the share of gas in its energy consumption pattern, by two and a half times, in 10 years. Currently, India’s daily consumption of gas is estimated to be approximately 165 million cubic metres.
Nearly half of this comes from imported liquefied natural gas, LNG, which makes the role of LNG-exporting countries and companies critical to the newly launched IGX.
Pradhan said the launch of IGX, as an electronic trading platform for natural gas, had opened a new chapter in the energy history of India to help the country move towards free market pricing of natural gas, according to a readout of the launch by the government’s Press Information Bureau.
He promised to soon unveil a new gas tariff policy, nearly double India’s gas pipeline infrastructure and increase the annual LNG import capacity by 26 per cent.
Also Read: India’s exports fell over 36% in May
Also Read: India’s agriculture needs private investments: Minister
Read More: Whatsapp pay rolled out in Brazil after being stuck in India
