India plans to bring more reforms in natural gas sector and will build a gas trading hub to aid better price discovery for domestic as well as imported fuel, said Oil Minister Dharmendra Pradhan. "We are in the process of reforming the gas market in India where you can sell your gas through a gas trading hub," he said at an India Session at the 22nd World Petroleum Congress in Istanbul. Currently, natural gas in India is sold on the basis of a government-mandated formula that links the local price to rates prevailing in gas-surplus nations. The absence of market determined prices has been a big disincentive for companies to invest in gas exploration and production. Now, the government has begun discussions about building a trading platform, he said but did not give any target date for starting the hub.

Source: dna July 12, 2017 11:26 UTC