GAIL, Adani, Petronet LNG join IGX; gas price of $4.07 per unit discovered
At a time when the price of domestic natural gas is as low as $2.39 per million metric British thermal unit (mmBtu), the Indian Gas Exchange (IGX) — the country’s first natural gas exchange — has got a market-discovered price of $4.07 per unit within the first two days of operation.
Launched on Monday, the platform — set up by the Indian Energy Exchange — has so far traded 100 mmBtu gas.
Giving major boost to IGX, big liquefied natural gas (LNG) players like state-run GAIL (India) and Petronet LNG have joined the exchange as members. Private sector majors like Adani Gas, too, have joined IGX as its member partner.
“We have brought in 12 members and over 350 clients so far. GAIL and Petronet have joined as our members,” said Rajiv Srivastava, managing director and chief executive officer, IEX.
