Online gas trade to start soon
GSPCL to tie up with National Commodity Exchange for supply
| The system is expected to be kicked off this December, said C K Koshy, chairman, GSPCL. |
| "GSPCL and its gas transmission arm Gujarat State Petronet Ltd (GSPL) are in advanced stages of discussions with the Mumbai-based National Commodity Exchange (NCDEX). The system will protect the interests of all the participants in the chain and combine gas producers with end users," Koshy said. |
| "As per the provisions of the system, monetary transactions will take place on the prevailing system on which stock exchanges operate," Koshy said. |
| He said the system will bring transparency in transactions involving multiple corporate entities and end users will be able to auction surplus gas by putting up information on the portal. |
| Gas will be released to buyers by GSPCL through GSPL pipeline only after GSPCL receives instructions from NCDEX that the parties concerned have fulfilled all conditions for buy or sales. |
| "We have discussed the concept with corporates and oil PSUs including Gujarat Adani Energy Ltd, IOC, BPCL and GAIL India Ltd. All of them have in principle agreed to the proposed system," Koshy said. |
| Corporates involved in gas buying have to agree to the terms and conditions under the 'take or pay' system. |
| Once an order is placed for a certain volume of gas and if the buyer does not require the full volume after the gas reaches the user, the buyer has to pay for the entire quantity. |
| Once the online sales system is put in place, it will help the end user save money and sell off surplus gas. |
| Meanwhile, The Indian School of Petroleum, an initiative of Hydrocarbons Education and Research Society, has decided to set up a campus in Ahmedabad. |
| Indian School of Petroleum has its main campus at Dehradun, while it runs two other campus at Delhi and Mumbai. |
| On Tuesday, the institute signed a memorandum of understanding with Gujarat Energy Resource Management Institute and the Ahmedabad campus is expected to be operational by August this year. |
| Sanjay Kaul, director , ISP, said with the increasing demand of manpower in various positions of the Rs 4.65 lakh crore worth petroleum industry and Gujarat emerging as a destination for petroleum, there was demand for such an institute from the government and the industry. |
| The Indian School of Petroleum, headquartered in New Delhi, was set up by the Hydrocarbons Education and Research Society in July 2001 to provide world-class training, research and consultancy services in the entire spectrum of the oil and gas industry. |