Gas Trading Hub

Question: From when Government is planning to start a gas trading hub / exchange (GTE) or natural gas business center?
(a) August, 2018
(b) October 2018
(c) November, 2018
(d) December 2018
Answer: (b)
Related Facts:

  • The government is planning to start a Gas Trading Hub Exchange (GTE) or Natural Gas Business Center from October, 2018.
  • The aim of this initiative is to create an Indian gas benchmark, which will increase the consumption of clean fuel faster.
  • Oil Regulatory Petroleum and Natural Gas Regulatory Board (PNGRB) has demanded a bid to hire a consultant to assist in the development of a regulatory framework for the operation of gas trading / exchange hub.
  • The gas business center will supply natural gas through market based mechanisms instead of many formula-driven prices.
  • The goal of the government is to make India a gas based economy by increasing the share of natural gas in the country’s primary energy mix by 20% from existing 6% by the year 2030.
  • It is known that the price of domestic produced gas is currently fixed by the government.
  • Trading hubs are working successfully in the United States, United Kingdom and Australia.
  • The world’s largest natural gas hub is the Henry Hub in America’s Louisiana.

Reference:
https://energy.economictimes.indiatimes.com/news/oil-and-gas/india-to-launch-natural-gas-trading-hub/63787583
https://www.thehindubusinessline.com/economy/india-to-launch-natural-gas-trading-hub-by-october/article23556778.ece
https://www.indiatoday.in/pti-feed/story/india-to-launch-gas-trading-hub-1213192-2018-04-16