The milestone reinforces IGX’s commitment to fostering a more transparent, efficient, and flexible gas trading ecosystem in India, thereby supporting the country’s evolving energy landscape and market reforms
The Indian Gas Exchange (IGX) said on Wednesday that it has concluded its first long duration contract (LDC) for a three-month delivery period.
This inaugural trade was executed at the Hazira ONGC delivery point for the period from May to July 2025 and was priced against the Platts West India Marker (WIM).
The milestone reinforces IGX’s commitment to fostering a more transparent, efficient, and flexible gas trading ecosystem in India, thereby supporting the country’s evolving energy landscape and market reforms.
This development follows the launch of LDCs on IGX earlier this year, approved by the Petroleum and Natural Gas Regulatory Board (PNGRB).
Designed for 3 to 6-month durations, these contracts provide market participants with the flexibility to secure natural gas through a choice of indexation linked to IGX’s Gas Price Index (GIXI) and international benchmarks published by Platts, part of S&P Global Commodity Insights, such as Platts WIM, Platts Japan Korea Marker (JKM) and Platts Dated Brent.
Rajesh Mediratta, MD and CEO of IGX, said, “The conclusion of our first LDC marks a key milestone for IGX and the Indian gas market, enhancing flexibility, price discovery and risk management for participants. The commencement of LDC is another step towards deepening our gas market and gradually through competition, transparency and flexibility raise the share of gas to 15 per cent in the energy basket.”
The collaboration with S&P Global Commodity Insights integrates global expertise with IGX’s market leadership, delivering robust price hedging solutions, he added.
Vera Blei, Head of Market Reporting & Trading Solutions at S&P Global Commodity Insights, said, “IGX’s use of Platts West India Marker (WIM) reflects the confidence of market participants in Platts’ price benchmarks and represents an important milestone in India’s natural gas market development, linking domestic gas prices to international LNG benchmarks.”
Launched in January 2010, Platts WIM is the daily benchmark price assessment for spot LNG cargoes delivered ex-ship into ports in India and the Middle East and is used as a basis for supply contracts in the Indian LNG, gas and power markets.”
By introducing LDCs, IGX empowers buyers to manage commodity and price risks more effectively while benefiting from competitive, transparent, and efficient trading solutions.
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Published on April 9, 2025
