India to launch Gas Trading Platform soon: Dharmendra Pradhan

ANI | Updated: Oct 10, 2017 17:41 IST

New Delhi [India], Oct 10, (ANI): Minister of Petroleum and Natural Gas Dharmendra Pradhan on Tuesday said that India will soon introduce a Gas Trading Exchange Platform.
 
“Very soon we will be coming with gas exchange platform,” Dharmendra Pradhan said while addressing the interactive session of Indian Energy Forum CERAWEEK here.


Pradhan said, "A gas exchange platform is in the interest of the Indian consumer and in line with Prime Minister Narendra Modi's commitment to the COP21 agenda of action on climate change."

He added that "Our idea is to put components of domestic gas into this platform...of putting LNG, into this transparent bidding mechanism."

Lauding the energy growth in the country in the last three years, Pradhan said “We are the number three in energy consumption and our energy growth is phenomenal. Today our per capita consumption is one fourth of the world per capita consumption.”
 
Pradhan earlier on Monday said that world's major energy economies have appreciated India's expanding engagement with countries and its pace of reforms in the energy sector.
 
Pradhan said, "World major oil economies, be it Russia, Saudi Arabia or others, all have recognised our expanding engagement and they also appreciated our pace of reforms in the sector in the past three years."
 
The Union Minister informed that more than 30 experts from India and outside country including BP, Saudi Aramco, ExxonMobil, and all major stakeholders of Indian oil companies attended the India Energy Forum which was organised from October 8-10 in the national capital.
 
Pradhan added that the stakeholders discussed on India's emerging energy economy.
 
Speaking to the media, he said, "Our economic strategy shows that along with vertical growth in the energy sector, India is also growing horizontally. More investment and new technology in the sector is always welcomed, but for energy to reach every household of India, horizontal growth is the prime importance."
 
Pradhan further said that Amin Nasser, CEO of Saudi Aramco, a Saudi Arabian Oil Company which opened its office in India on Sunday, has categorically spilled out that its investment in India, world's third-biggest oil consumer, will increase.
 
"Amin Nasser assured that procurement from India's manufacturing industry, especially from oil and energy related manufacturing industry will increase. This will help in increasing job opportunities in India," Pradhan added.
 
He further stated that the government has brought enormous reforms in last three years and it is due to this that world's big player have agreed to invest in India.
 
Talking about his ministry's future strategies, the Union minister said that constant reform to bring more transparent mechanism to Indian energy market is his only strategy.(ANI)

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