In an exertion towards empowering gas market and cultivating gas trading in the nation, the administration will launch India's own natural gas trading stage - Indian Gas Exchange (IGX).
IGX will be propelled by Oil Minister Dharmendra Pradhan to start natural gas commerce. The trade will be the first such stage in the nation for domestic market value revelation through interest flexibly coordinating in a straightforward manner.
Different clients and dealers will exchange spot and forward agreements at assigned physical centres. The agreements exchanged will be for obligatory explicit physical conveyance while settlement of the exchange will be dependent upon the condition that these agreements are non-transferable and with no netting-off in this way.
IGX is India's initial mechanical national level exchanging stage to advance and continue an effective and generous gas market and encourage gas exchanging the nation.
One of its most significant targets of the trade is likewise to keep up showcase respectability. Regardless, exchanging is proposed at the physical centre points at Hazira and Dahej in Gujarat and Oduru/Kakinada in Andhra Pradesh while new centre points would be presented ahead, they included.
IEX will look for the time booked offers from purchasers and merchants for value revelation. On this, a value disclosure component will work to settle conveyance of gas. The trade will give six market items — day-ahead, day by day, week by week, weekdays, fortnightly and month to month.
Some of the agreements will be accessible on June 15 – the principal day of exchanging on IEX while hardly any will be presented later, sources said. The trade has just directed three fake exchanging meetings (March 20, April 9 and May 21) with huge investment from the business. The offering is done secretly and consequently, the purchaser and dealer don't have a clue about their partner. Also, the value disclosure will occur through twofold sided shut closeout with uniform value instruments or using consistent exchange systems.
For the national gas network, the administration had chosen to give an award of Rs 5176 crore (40 per cent of the assessed capital expense of Rs 12,940 Crore) to GAIL for improvement of a 2655 Km long Jagdishpur-Haldia/Bokaro-Dhamra Gas Pipeline (JHBDPL) venture. The pipeline, said Dharmendra Pradhan in a composed answer to the Lok Sabha in December 2018, will convey petroleum gas to the modern, business, local and transport parts in Bihar, Jharkhand, Odisha, West Bengal and Uttar Pradesh.