Mumbai, April 11 -- After delivering gas to the Hazira ONGC delivery point for three months (from May to July 2025), the Indian Gas Exchange (IGX) has successfully completed its first long duration contract (LDC). These contracts were launched at the start of 2025 after they received approval from the Petroleum and Natural Gas Regulatory Board (PNGRB).
LDCs are designed for a 3-6-month duration and are aimed at providing buyers a price for natural gas determined by the Platts West India Marker (WIM). Platts WIM is the daily benchmark price assessment for LNG cargoes delivered internationally and is being used to try and link domestic gas prices to those of global ones.
IGX plans to use these contracts to cement themselves as a leading player in India's gas trading industry. As Rajesh Mediratta, MD and CEO of IGX, said, "The conclusion of our first LDC marks a key milestone for IGX. The commencement of LDC is another step towards deepening our gas market."
Published by HT Digital Content Services with permission from Construction World.