India’s Modi targets gas exchange to ease shift from oil


India’s Modi targets gas exchange to ease shift from oil

India is working to establish a natural gas trading exchange, its Prime Minister Narendra Modi said on Thursday, as part of a shift away from a reliance on crude oil based products which are blamed for much of the country’s pollution problem.

“We want to increase the use of natural gas by 2.5 times by the end of next decade,” Modi said in New Delhi at the laying of a foundation stone for the setting up of city gas distribution (CGD) networks in 129 districts which have been auctioned.

India wants to develop a transparent market for natural gas where the price is determined on an exchange and aims to increase the use of natural gas in India’s total energy mix from 6.5 percent to 15 percent between 2028 and 2030. Read More

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