Dharmendra Pradhan Launches Indian Gas Exchange, First Nationwide Online Delivery-Based Gas Trading Platform
- 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.
- 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.”
- 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.
About PNGRB-
Petroleum and Natural Gas Regulatory Board is a statutory body in India, constituted under the act of Parliament of India, namely Petroleum and Natural Gas Regulatory Board Act, 2006.Its primary functions include regulation of refining, transportation, distribution, storage, marketing, supply and sale of petroleum products and natural gas.
- Founded- 2006
- Headquarters – New Delhi
- Chairman– Dinesh Kumar Sarraf
About IEX-
The Indian Energy Exchange is an electronic system based power trading exchange regulated by the Central Electricity Regulatory Commission. IEX started its operations on June 27, 2008.
- Founded- 2008
- Headquarters – New Delhi
- Managing Director and Chief Executive Officer (CEO)– Rajiv Srivastava
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