The Petroleum and Natural Gas Regulatory Board (PNGRB) expects the proposed gas trading hub to be functional by the end of the calendar year and Crisil has been appointed to assist the regulator and the government in framing rules for the exchange.
"We have engaged Crisil for advising us in setting up Gas Trading Hub. They will advice us on framing regulations. The time line given to them is 18 weeks from May 11," Satpal Garg member of the PNGRB said.
Crisil is a global rating and research agency.
"There will many things required form the Government side also. The Government and we, both of us want the gas trading hub to come into existence in the current calendar year 2018 itself," he said.
Garg was speaking on the sidelines of a roadshow for 9th round of the city gas distribution (CGD) bidding.
According to him the Hub will work in the lines of Power Exchange which determines the price based on supply and demand and market forces.
"This can be a physical or virtual trading hub. It will be an electronic trading hub. The location will depend on where the major pipelines are connected."
Disclaimer: No Business Standard Journalist was involved in creation of this content
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