The Indian Petroleum and Natural Gas Regulatory Board (PNGRB) has authorised Indian Gas Exchange (IGX) to operate as a gas exchange for a period of 25 years. IGX is a subsidiary of Indian Energy Exchange (IEX), which offers trade in five contracts: daily, weekly, weekday, fortnightly and monthly at three physical hubs at Hazira and Dahej in Gujarat and in the KG Basin in Andhra Pradesh. The platform was launched in June 2020.
According to the Indian oil minister, the country needs US$66bn in investment to raise the share of natural gas in its energy mix to 15% by 2030 from the current 6%. Indeed, India will have to raise its liquefied natural gas (LNG) import capacity, laid new pipelines to transport the fuel and expand city gas infrastructure to take the fuel to users. The country is currently adding 14,700 km of gas pipelines to the existing network of 16,800 km to form a national gas network.
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