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Unit OT 18-35, Level 18, Central Park Towers, Dubai International Financial Centre, Dubai, P.O. Box 18006, United Arab Emirates
16200 Central Green Blvd
GAC Regional Office, Asia Pacific 78 Shenton Way, #29-01
Group Vice President, Asia Pacific & Indian Subcontinent
Unit OT 18-35, Level 18, Central Park Towers, Dubai International Financial Centre, Dubai, P.O. Box 18006, United Arab Emirates
Unit OT 18-35, Level 18, Central Park Towers, Dubai International Financial Centre, Dubai, P.O. Box 18006, United Arab Emirates
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19 Jun 2020 / India
India has launched its first ever Gas Trading Exchange, INDIA GAS EXCHANGE (IGX). It is the first nationwide online delivery based gas trading platform and will enable all foreign players to sell directly to domestic customers.
The aim is to gradually move towards deregulation of gas prices and encourage investment in gas infrastructure in India as the Government seeks to increase the share of natural gas in its energy mix to 15% from the current 6.2% by 2030.
Initially, IGX is expected to facilitate trading in LNG – mainly cheaper spot LNG volumes available in the market. It will allow buyers and sellers to trade both in the spot and forward markets. Pricing will be based on demand and supply rather than based on formulae and benchmark prices. Gas hubs have been set up at Dahej, Hazira and Kakinada.
Imported LNG will be degasified and sold to buyers through the exchange.
The gas exchange will focus on the spot market. There will be daily, weekly and fortnightly contracts and the maximum tenure of the contracts is up to one month long.
Domestically produced natural gas will not be sold through IGX as the price for the same is decided by the Government.
Meanwhile, LNG vessel arrivals at India’s re-gasification terminals have improved since the lockdown began to be relaxed. Arrivals are certain to pick up in the next 5-6 months as demand for natural gas is expected to quickly return to original levels.
For information about operations in India, contact GAC India at [email protected]