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Oil Minister Pradhan Discusses Market Friendly Reforms

2017-07-18 | 10pm

During the 22nd World Petroleum Congress in Istanbul, Turkey, Oil Minister Dharmendra Pradhan addressed the investors and stated that there will be more market-friendly reforms in the natural gas sectors of India. This will be a huge assistance in forming a trading hub in the country. Pradhan also stated that, “We are in the process of reforming the gas market in India where you can sell through a gas trading hub.” On June 15, there were some significant reports making round about the plan of the government in  creating a natural gas trading hub. This will be a huge help in discovering good costing for domestic as well as imported gas. Hence, it could be the pricing hub of Asia and will compete with likes of Singapore, Shanghai or Tokyo. For a healthy growth of domestic market, it is important to have a market-driven pricing, whereas local trading platform could be helpful. There is huge speculation about the introduction of electronic trading platform by early 2018. The trading platform will have only physical trading. For the exploration and production sector, Pradhan invited investors. According to new policy, companies have the freedom to carve their own blocks can use just one licence to exploit all forms of hydrocarbons. They also have the freedom to cost their gas. As stated by Pradhan, “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 further added that with considerable growth in the middle class of emerging Asian countries especially like India, there will be huge demand of energy both in terms of electricity and cooking and transportation fuel. He also added that India is the only country where there will be consistent rise in the demand in the coming future.     .