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India's first gas exchange, the Indian Gas Exchange (IGX), was launched as a wholly owned subsidiary of Indian Energy Exchange. Which of the following statements are correct? 1. It is a digital trading platform that will allow buyers and sellers to trade both in the spot market and in the forward market for imported natural gas. 2. It will allow trade across three hubs - Dahej and Hazira in Gujarat and Kakinada in Andhra Pradesh. 3. Imported Liquified Natural Gas (LNG) will be regassified and sold to buyers through the exchange, removing the requirement for buyers and sellers to find each other. 4. Only inter-governmental trade in domestically produced natural gas is allowed at the gas exchange. Select the correct answer using the code given below:

India's first gas exchange, the Indian Gas Exchange (IGX), was launched as a wholly owned subsidiary of Indian Energy Exchange. Which of the following statements are correct? 1. It is a digital trading platform that will allow buyers and sellers to trade both in the spot market and in the forward market for imported natural gas. 2. It will allow trade across three hubs - Dahej and Hazira in Gujarat and Kakinada in Andhra Pradesh. 3. Imported Liquified Natural Gas (LNG) will be regassified and sold to buyers through the exchange, removing the requirement for buyers and sellers to find each other. 4. Only inter-governmental trade in domestically produced natural gas is allowed at the gas exchange. Select the correct answer using the code given below: Correct Answer Only 1, 2 and 3

The correct answer is Only 1, 2 and 3.

Key Points

  • Indian Gas Exchange (IGX), the first nationwide online delivery-based gas trading platform was launched by Dharmendra Pradhan, Minister of Petroleum and Natural Gas
  • Indian Gas Exchange (IGX), has secured authorization from the Petroleum and Natural Gas Regulatory Board (PNGRB) to operate as a Gas Exchange.
  • The IGX is a digital trading platform that will allow buyers and sellers of natural gas to trade both in the spot market and in the forward market for imported natural gas across three hubs. Hence 1 statement is correct.
    • These hubs are Dahej and Hazira in Gujarat, and Kakinada in Andhra Pradesh. Hence 2 statement is correct.
  • Imported Liquified Natural Gas (LNG) will be regasified and sold to buyers through the exchange, removing the requirement for buyers and sellers to find each other. Hence 3 statement is correct.
  • The price of domestically produced natural gas is decided by the government. It will not be sold on the gas exchange.
  • There was no specific mention of inter-governmental trading.
  • As suggested new gas policy will include reforms in domestic gas pricing, and will move towards more market-oriented pricing.
  • Hence 4 statement is not correct. 
  • IGX is expected to facilitate transparent price discovery in natural gas, and facilitate the growth of the share of natural gas in India’s energy basket.
  • It removes the requirement for buyers and sellers to find each other to ensure a fair price deal.

Related Questions

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Modern civilisation is completely dependent on energy, which has therefore to be abundant and also economical. About 85% of the world's energy is supplied by oil, coal and natural gas while nuclear, hydro, wind and solar power and biomass supply the rest. Coal, nuclear and hydro are used primarily to generate electricity while natural gas is widely used for heating. Biomass is used both for heating and cooking. The wind and solar power is the future's hope as they are sustainable energy sources. Oil powers almost all machines that move and that makes oil uniquely versatile. Oil powered airplanes carry 500 people across the widest oceans at nearly the speed of sound. Oil powered machines produce and transport food. Oil powered machines are ubiquitous. Clearly, we live in the age of oil but it is drawing to a close. According to data available if oil production remains constant until it's gone, there is enough to last 42 years. Oil wells will produce less as they become depleted, which will make it impossible to keep production constant. Similarly natural gas and coal will last another 61 years and 133 years respectively. Naturally, as they become scarce, they become expensive, leading to a worldwide energy crisis. If we are to survive on this planet, we have to make a transition to sustainable energy sources. The transition may be willy-nilly or planned - the choice is ours. The dawning era of limited and expensive energy will be very difficult for everyone on earth but will be even more difficult if it is not anticipated. It is of utmost importance that the public and policymakers understand the global energy crisis and act in tandem to ensure that the species 'homo sapiens' does not become extinct. The energy sources of the future are