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IGX and HPCL Sign Memorandum of Understanding (MoU) to Boost Natural Gas Consumption in India

Newsmantra — Thu, 13 Feb 2025 07:27:04 +0000

Bengaluru, 12^th February 2025:Indian Gas Exchange Limited (IGX), India’s authorized natural gas exchange and Hindustan Petroleum Corporation Limited (HPCL), a Maharatna Oil and Gas company today announced the signing of Memorandum of Understanding (MoU) to collaborate on enhancing the Natural Gas market in India. The MoU was signed by Mr. Anuj Mehrotra, Executive Director, Natural Gas (I/C), HPCL, and Mr. Rajesh Kumar Mediratta, Managing Director & CEO of IGX, on the sidelines of India Energy Week (IEW) 2025, New Delhi.

Under this strategic partnership, IGX and HPCL will jointly work towards creation of liquid and tradeable market at the Chhara delivery point on IGX’s gas trading platform across its various products like Regular spot Contracts, ssLNG Contracts, Power Contracts & recently introduced index based Long Duration Contracts.

This MoU also outlines joint efforts to ensure the efficient utilization of infrastructure and promote the resurgence of gas-based power generation. This initiative aims to foster a competitive market environment, enhancing liquidity in the gas market and, in the long run, increasing gas consumption in the country. Both organizations will continuously identify new areas of cooperation to support India’s transition towards a more vibrant and competitive gas-based economy.

Notably, HPCL has recently commissioned its 5 MMTPA LNG regasification terminal at Chhara, Gujarat which is designed to offer both flexibility and scalability, making it a key asset in India’s energy landscape. The terminal will play a key role in strengthening India’s sustainable energy future. It supports GoI’s plan to boost natural gas usage in the country. Through this partnership, both IGX and HPCL will actively work towards achieving the maximum utilization of Chhara RLNG terminal’s regasification capacity.

Speaking on the collaboration, Mr. Rajesh Kumar Mediratta, MD & CEO of IGX, said, “Our partnership with HPCL will help unlock new opportunities for natural gas trading in India. By leveraging IGX’s expertise in exchange-based gas trading and HPCL’s infrastructure capabilities across the oil & gas value chain, we are confident that this collaboration will strengthen market participation and drive efficiency in the gas value chain.”

Commenting on the same, Mr. Anuj Mehrotra, Executive Director Natural Gas (I/C), HPCL said, “This collaboration with IGX is a step forward in enhancing liquidity in the Indian gas market. By creating a competitive and transparent trading environment, we aim to drive greater adoption of natural gas and contribute to India’s vision of a gas-based economy.”

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India’s biggest gaming expo IGX joins forces with Esports Giant Skyesports for landmark gaming festival

Newsmantra — Tue, 14 Jan 2025 05:57:20 +0000

Players across the country will compete in top esports titles at Nesco Ground, Mumbai from January 24-25, 2025

Mumbai, January 13, 2024: Indian Gaming Expo (IGX), the country’s biggest esports and gaming festival where there is something for every gamer, has partnered with Skyesports, the country’s leading tournament operator, IP creator, and community builder, to host an electrifying multi-game esports tournament at Nesco Ground in Mumbai from January 24 to 25, 2025.

Organized by Hungama, one of India’s leading digital entertainment companies, and the country’s leading IP and live event conglomerate, Eva Live, the highly anticipated sixth edition of IGX will showcase a blend of esports tournaments, cosplay competitions, meet-and-greet sessions, panel discussions, game development workshops, GEM Awards and more, catering to gaming enthusiasts across the country.

This collaboration with Skyesports marks a significant milestone in the Indian gaming and esports ecosystem, blending the immersive spirit of IGX with Skyesports’ expertise in hosting world-class competitive gaming events.

Vying for the massive prize pool, players nationwide will go head-to-head against each other in popular titles.

Speaking on the collaboration and the event, Deepak Choudhary, Founder & Managing Director, of Eva Live said, “At Eva Live, IGX has always been about crafting extraordinary experiences that bring gaming, technology, and culture together. IGX 2025 takes this vision to the next level with one of the largest esports tournaments in India, powered by our collaboration with Skyesports. Combining IGX’s immersive environment with Skyesports’ expertise in competitive gaming, we are curating a landmark event that goes far beyond a traditional gaming festival. From thrilling esports battles to interactive workshops, cosplay, and technology showcases, this collaboration redefines what event IPs can achieve. IGX is now the definitive destination for innovation, community building, and unforgettable experiences, setting new standards for gaming festivals in India and beyond.”

Skyesports has established itself as the leading IP creator and community builder with a proven track record of organizing high-profile tournaments that attract top-tier talent and massive online and offline audiences. The organization currently boasts an impressive array of IPs, including the Skyesports Championship, which is India’s longest running homegrown esports IP.

Furthermore, Skyespors has been monumental in shaping the Indian esports industry, amplifying regional penetration and widespread adoption of gaming. It has also worked with the Tamil Nadu government in shaping gaming policy and bringing esports to the Tamil Nadu Chief Minister’s Trophy for the first time in 2024, recognizing top talent from the entire state. Skyesports’ presence spreads globally, as it is one of the few tournament operators – and only one from India – hosting the highest-level of Counter-Strike 2 esports tournaments worldwide.

Leveraging Skyesports’ expertise, IGX 2025 promises to set a new benchmark by hosting one of the largest esports tournaments in the country, solidifying its position as the premier destination for gaming enthusiasts and competitive players alike.

Shiva Nandy, Founder and CEO of Skyesports said, “We are thrilled to partner with IGX for what promises to be a groundbreaking event for Indian esports and gaming. At Skyesports, we have always been passionate about nurturing talent, building communities, and creating iconic IPs that elevate the esports ecosystem. IGX 2025 is a testament to the rapid growth of gaming in India, and together, we aim to deliver an unforgettable experience that showcases the best of competitive gaming while cementing the expo as something gamers and esports enthusiasts watch out for every year.”

IGX has been a driving force in India’s gaming culture, hosting an eclectic mix of gaming showcases, cutting-edge technology exhibits, cosplay contests, and panel discussions with industry experts. Each edition of IGX attracts thousands of attendees, offering something for everyone, from casual gamers and industry professionals to technology enthusiasts and families.

With this landmark tournament, IGX and Skyesports aim to push the boundaries of what gaming festivals and esports events can achieve, creating an unparalleled platform for the Indian gaming community. The competition will bring together some of India’s best gaming talent to compete on a grand stage, providing an unparalleled platform for players to showcase their skills and attain esports glory.

IGX 2025 is expected to draw over 30,000 attendees alongside 250+ brands and representatives. The event has previously partnered with industry giants across endemic and non-endemic brands solidifying its reputation as India’s premier gaming fest.

Early Bird Tickets for IGX 2024 are now live on Zomato:
https://insider.in/indian-gaming-expo-jan24-2025/event

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IGX and ACME signed Memorandum of Understanding (MOU) for cooperation and collaboration on developing the green hydrogen and ammonia market in India.

Newsmantra — Mon, 12 Feb 2024 05:49:07 +0000

Mumbai, Sunday, 11^th February 2024: ACME Group, a leading renewable energy company in India, and Indian Gas Exchange (IGX), India’s first natural gas exchange, today signed a memorandum of understanding (MoU) for cooperation and collaboration on developing the green hydrogen and ammonia market in India. The MoU was signed by Shri Manoj Kumar Upadhyay, Founder and Chairman of Acme Group and Shri Rajesh Kumar Mediratta, Managing Director and CEO of IGX at the ongoing India Energy Week in Goa.

Acme Group is a pioneer in green hydrogen and ammonia space and combined with the deep experience of IGX in creating liquid tradeable market for natural gas, both companies aim to develop the physical traded market for green molecules across the country starting with regional hubs located near to hydrogen and ammonia projects and leading eventually into a nation-wide hub.

The MoU between IGX and Acme covers the partnership across the hydrogen and ammonia value chain, starting from production to logistics and supply to the industrial customers for use in a range of applications and reduce the overall emissions contributing to the national decarbonization targets.

Speaking on the occasion, Shri Ashwani Kumar Dudeja, Group President and Director of Acme Group said, “We’re excited to collaborate with IGX on developing the market for green hydrogen and its derivatives in India, aiming to pioneer sustainable energy solutions and create liquid and transparent market for customers.”

Shri Rajesh Kumar Mediratta, MD and CEO, IGX said, “Together, we will develop innovative strategies to accelerate adoption, fostering economic growth and advancing energy security for a more sustainable future by creating a short-term tradeable market leveraging our learnings and experience from developing similar solutions for the natural gas sector.”

About ACME:

Acme Group is one of the largest renewable Independent Power Producer in India with a portfolio of more than 5 GWp of renewable energy capacity under operation and various stages of implementation. In 2021, Acme built what is perhaps the world’s first Green Ammonia plant in Bikaner, Rajasthan. Drawing upon its experience and strengths, ACME aspires to become a leading green energy provider from electrons to molecules and is developing several green hydrogen and ammonia projects in India, Oman and USA with an aim to have a portfolio of c. 10 MMTPA of green ammonia or equivalent hydrogen/derivatives by 2032. In line with the Government of India’s mission to establish India as a hub for green fuels, Acme is working with many potential customers in India to supply green hydrogen and ammonia. Acme has a global footprint with offices and representatives in Japan, Middle East, Europe and USA for the marketing and supply of green hydrogen and its derivatives to the international markets.

Indian Gas Exchange Ltd. (IGX) is India’s first automated national level Gas Exchange to promote and sustain an efficient and robust Gas market and to foster gas trading in the country. The exchange features multiple buyers and sellers to trade in spot and forward contracts at designated delivery points. IGX is a neutral and transparent market place where both buyers and sellers trade Gas as the underlying commodity. IGX enables efficient and competitive discovery of gas prices and one of its most important objectives is also to maintain market integrity. IGX started operations on 15th June 2020 as Gas Trading Platform and has been operating as the Gas Exchange since 10th December 2020. The Exchange operates under the regulatory framework of Petroleum and Natural Gas Regulatory Board (PNGRB).

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IGX INTRODUCES POWER CONTRACT FOR MEETING INCREASED POWER DEMAND

Newsmantra — Mon, 15 Jan 2024 08:30:16 +0000

Mumbai, Monday, 15^th January 2024: The Indian Gas Exchange introduces gas contracts for the power sector to address flexible demand and facilitate a smoother delivery process. With a focus on ease of trading and a fixed price for the contract duration, IGX has developed power-sector friendly contracts by offering weekly, fortnightly, and monthly delivery options. This enables power companies to trade with the flexibility to consume the entire quantity on any day during the contractual period. Delivery points include Dahej, Hazira, with provisions to add more terminals based on demand.

Speaking on the launch, Shri Rajesh K Mediratta, MD & CEO, IGX said, “In this summer, gas prices can touch single digit and spot gas markets can help meet burgeoning power demand, which touched 241 GW last year and expected to touch 255GW this summer. We see huge possibilities, since already power prices are touching Rs. 10/kwh for most time and in summer it may be for almost 24hr in a day. Gas prices less than $10/MMBtu will enhance gas usage for the power sector. Currently, Gas to Power demand is 14%, which can jump significantly in 2024. And in view of the upcoming peak season and challenges, IGX is introducing a special contract to provide flexibility in delivery timelines while maintaining a fixed price, addressing the specific needs of these power plants.

Shri Ghanshyam Prasad, Chairperson, Central Electricity Authority (CEA) in his keynote address said, ” The newly introduced contract by IGX would be beneficial to power companies as it is designed based on the peculiar working of a gas-based power plant. With some changes in gas transportation capacity booking timelines, this contract should be able to help run gas-based power plants by sourcing gas from IGX at competitive prices.”

Giving the special address, Shri P.K. Mishra, Executive Director – Fuels, NTPC said, “I commend IGX for launching a gas contract that addresses the dynamic needs of the power sector. NTPC has swiftly adapted to market changes, and IGX’s new contract comes as a timely solution for gas power plants facing challenges. With an eye on the future, anticipating increased gas demand in the next five to six years, IGX’s product aligns with the evolving energy landscape.”

The introduction of this specialized contract not only caters to the unique needs of the power sector but also opens up new opportunities for suppliers. They can now explore selling cumulative volumes at market-discovered prices, fostering a more dynamic and efficient marketplace.

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Indian Gas Exchange (IGX) I GAS MARKET UPDATE, OCTOBER 2023 :: Media Release

Newsmantra — Tue, 07 Nov 2023 05:07:10 +0000

IGX TRADES 2.89 MILLION MMBTU (73 MMSCM/2.4 MMSCMD) IN OCTOBER’23, DECLINE OF 29 % YoY
GIXI – AVG. PRICE FOR GAS DELIVERIES DURING OCTOBER’23 WAS RS 1012 /$12.2/MMBTU PER MMBTU; INCREASE OF 7% MoM
TOTAL 46 TRADES EXECUTED DURING THE MONTH
EASTERN POWER DISTRIBUTION COMPANY OF ANDHRA PRADESH LIMITED JOINS IGX AS PROPRIETARY MEMBER

Mumbai, Monday, 06 November 2023: The Indian Gas Exchange (IGX) traded 28,98,950 MMBtu (~73 MMSCM/2.4 MMSCMD) gas volume in October 2023, with 46% decrease MoM and 29% YoY decrease.

A total of 46 trades were executed during the month. The maximum number of trades were executed in Monthly contract, 14 trades; followed by Daily & Weekly contracts of 12 and 10 trades respectively.

The most active delivery point for free market gas was Ankot and domestic ceiling price gas was traded at Gadimoga. Other trading delivery points were- Dahej, Hazira, Bhadbhut, Mhaskal & Suvali.

During the month, the Exchange traded gas flows were 58,33,250 MMBtu (~4.7 MMSCMD).

GIXI (Gas Index of India) for October 2023 was Rs 1012/$12.2 per MMBtu, higher by 7% last month. GIXI- South was Rs. 829/$9.96 per MMBtu (Ceiling Price) and GIXI-West was Rs 1012/$12.2 per MMBtu. Different spot gas benchmark prices recorded were: HH at ~$3/MMBtu, TTF at ~$14.5 /MMBtu, whereas LNG benchmark indices were: WIM ~16 $/MMBtu.

IGX traded a total of 3,20,000 MMBtu domestic ceiling price gas during the month.

Eastern Power Distribution Company of Andhra Pradesh Limited Joins IGX as Proprietary Member

A quick summary of the gas market during October’23 is as below:

Total traded volume: 28,98,950 MMBtu
Domestic ceiling price gas traded: 3,20,000 MMBtu
Total no. of trades: 46

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