News  OIL & GAS NEWS

Natural gas sector will see more market-friendly reforms: Oil Minister Dharmendra Pradhan

233 times viewed
Source: The Economic Times
Friday, July 14, 2017

 NEW DELHI: India's natural gas sector will see more market-friendly reforms which will help create a trading hub in the country, Oil Minister Dharmendra Pradhan told a gathering of investors at the 22nd World Petroleum Congress in Istanbul, Turkey. 


"We are in the process of reforming the gas market in India where you can sell through a gas trading hub," said Pradhan. 

ET had reported on June 15 that the government was working on a plan to build a natural gas trading hub that could aid better price discovery for domestic as well as imported gas, and could eventually become Asia's pricing hub competing with Singapore, Shanghai or Tokyo. 

A market-driven pricing is considered necessary for the domestic market to mature, and a local trading platform could help. An electronic trading platform is expected to be ready by early 2018 which will allow only physical trading, according to people familiar with the plan. 

Pradhan invited investors to the exploration and production sector, where a new policy allows companies the freedom to carve their own blocks, use just one licence to exploit all forms of hydrocarbons and the liberty to price their gas. "We have opened up 2.8 million sq km for your investment and I extend the commitment of the government of Prime Minister Modi that you will receive a red carpet welcome," Pradhan said. 

The rising middle class of emerging Asian countries like India will drive the demand for energy both in terms of electricity and cooking and transportation fuel, Pradhan said, adding that India is the only country where the demand will continue to rise for more than a decade. 


Comments:



Post Your Comment:

Name:*
    
E-mail:*
    
Comments:*
    


Also Read:

»

Biggest Indian explorer ONGC is said to plan first ever borrowings

»

After diesel and LPG, government to now end subsidy on kerosene

»

Indian Oil Corp aims to source a tenth of oil needs from own assets

»

CAG pulls up MRPL for cost overrun in expansion projects

»

Government’s $3 billion demand premature: Reliance Industries Ltd, Shell India

»

Government's demand for additional tax premature, Reliance Industries says

»

HPCL, ONGC merger wouldn’t bring synergy: Ambit Capital

»

ONGC may not be required to pay premium for government stake in HPCL

»

HPCL will invest Rs 61,000 crore by 2021 on expansion projects

»

Natural gas sector will see more market-friendly reforms: Oil Minister Dharmendra Pradhan

News  NEWS ARCHIVE
   
Home | Recent News | Privacy Policy | Disclaimer | Feedback | Sitemap | Contact Us

© Copyright Power Hub 2012-2014, All rights reserved.