Gail, Petronet join India’s first natural gas online trading platform

The trading platform will help in reviving the stranded gas-fuelled power projects and will reduce subsidy and fertilizer prices.

Created On: Jun 16, 2020 13:15 IST
Natural gas trading platform
Natural gas trading platform

GAIL (India) Ltd. And Petronet LNG Ltd. joined India’s first natural gas online exchange on June 15, 2020. The announcement regarding the exchange was made by the Director of Indian Gas Exchange, Rajesh Kumar Mediratta. Both GAIL and Petronet are terminal owners of Liquified Natural Gas (LNG).

As per Rajesh Kumar Mediratta, with others such as Torrent Power, Manikaran Power and Adani Gas on board, the trading platform will help in reviving the stranded gas-fuelled power projects and will reduce subsidy and fertilizer prices.

The Petroleum Minister Dharmendra Pradhan launched the Indian gas trading platform which has been set up by Indian Energy Exchange. The platform will help in discovering the market prices of gas on the exchange.

Indian Gas trading platform:

The Indian Gas exchange will be offering six market products beginning from the day-ahead market and forward contracts, which will include daily, weekly, weekday, fortnightly, and monthly. It will be at three physical hubs in Hazira in Gujarat, Dahej, and Odoru in Andhra Pradesh to begin with. The company has been planning of adding more hubs soon.

The other members and clients of the natural gas exchange include GMR Group, Geeta Power, Asahi Glass, Piramal Glass, Gujarat State Fertilizers & Chemicals Ltd., Krishak Bharati Cooperative Ltd., Gujarat Narmada Valley Fertilizers & Chemicals, Saint Gobain, Bhagyanagar Gas, Kajaria Ceramics, Maharashtra Natural gas Limited, Gujarat Borosil, and Haryana City Gas.

Natural Gas in India:

The consumption of gas in India is around 145 million standard cubic metres a day (mmscmd). Along with China, India has also been expected to be a significant driver of demand for natural gas post-2021. As the biggest emitter of greenhouse gases after the United States and China, India has been aiming to achieve its emission reduction commitments through the use of green fuel and natural gas.

The Indian government has also been pushing for a gas-based economy. The gas accounts for around 6.2% of India’s primary energy mix against the global average of 24%. The Indian government has been planning to increase this to 15% by 2030. India’s gas demand has been expected to be driven by power, fertilizer, steel, and city gas distribution.

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

AndroidIOS

Related Stories

Comment (0)

Post Comment

1 + 2 =
Post
Disclaimer: Comments will be moderated by Jagranjosh editorial team. Comments that are abusive, personal, incendiary or irrelevant will not be published. Please use a genuine email ID and provide your name, to avoid rejection.

    Monthly Current Affairs PDF

    • Current Affairs PDF November 2021
    • Current Affairs PDF October 2021
    • Current Affairs PDF September 2021
    • Current Affairs PDF August 2021
    • Current Affairs PDF July 2021
    • Current Affairs PDF June 2021
    View all

    Monthly Current Affairs Quiz PDF

    • Current Affairs Quiz PDF November 2021
    • Current Affairs Quiz PDF October 2021
    • Current Affairs Quiz PDF September 2021
    • Current Affairs Quiz PDF August 2021
    • Current Affairs Quiz PDF July 2021
    • Current Affairs Quiz PDF June 2021
    View all