Petroleum Minister Dharmendra Pradhan launches Indian Gas Exchange
Union Petroleum and Natural Gas Minister Dharmendra Pradhan, on Monday, launched the Indian Gas Exchange (IGX).
Union Petroleum and Natural Gas Minister Dharmendra Pradhan, on Monday, launched the Indian Gas Exchange (IGX). It is the first nationwide online delivery-based gas trading platform. IGX has been incorporated as a wholly-owned subsidiary of the IEX, which is India's energy market platform.
Digitally inaugurated Indian Gas Exchange Ltd. @IgxIndia, India's first automated national-level gas trading platform, as a part of PM Shri @narendramodi's vision of establishing next-gen energy infrastructure in the country and to make India a gas-based economy. pic.twitter.com/Ts5oZywTPB— Dharmendra Pradhan (@dpradhanbjp) June 15, 2020
The trading platform will enable market participants to trade in standardised gas contracts. IGX is fully automated with a web-based interface and it provides seamless trading experience to the customers.
Speaking on the occasion, Mr Pradhan said that the launch of the new electronic trading platform for natural gas has opened a new chapter in the energy history of India and will help the nation move towards free-market pricing of natural gas. He added, "This is a new chapter in the energy roadmap of the country and a big step forward towards an #AatmanirbharBharat."
I congratulate @IEXLtd and @IgxIndia on the launch of the Indian Gas Exchange. This is a new chapter in the energy roadmap of the country and a big step forward towards an #AatmanirbharBharat. pic.twitter.com/2ZD2nx1iRl— Dharmendra Pradhan (@dpradhanbjp) June 15, 2020
Pradhan said that with this landmark, India has joined the club of progressive economies. He added India is a price-sensitive market. The Gas Exchange will play a key role in discovering our price benchmarks. Petroleum & Natural Gas Regulatory Board (PNGRB) is working on a progressive & pro-business tariff policy to make natural gas affordable in every part of the country & facilitate the development of gas markets.
Petroleum Minister said, the new electronic trading platform for natural gas is an indicator of the centre's progressive policy and is in tandem with Prime Minister's vision to provide energy justice to every citizen.