Which company has become the first company in India to trade domestic gas on Indian Gas Exchange ?

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UP Police Constable Re-Exam 2024 Official Paper (Held On: 25 Aug, 2024 Shift 2)
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  1. Gas Authority of India Limited (GAIL)
  2. Bharat Petroleum
  3. Oil and Natural Gas Corporation Ltd.
  4. Indian Oil Corporation Limited

Answer (Detailed Solution Below)

Option 3 : Oil and Natural Gas Corporation Ltd.
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The correct answer is Oil and Natural Gas Corporation Ltd.

Key Points

  • Oil and Natural Gas Corporation Ltd. (ONGC) has become the first company in India to trade domestic gas on the Indian Gas Exchange.
  • ONGC is India's largest oil and gas exploration and production company, contributing significantly to the country's energy needs.
  • The Indian Gas Exchange (IGX) is a platform that facilitates the trading of natural gas in the country, aiming to create a market-driven pricing mechanism.
  • This milestone marks a significant step towards the liberalization of the natural gas market in India, promoting transparency and efficiency in gas trading.

Additional Information

  • The Indian Gas Exchange (IGX) was launched in June 2020 and is India's first automated national level exchange for the trading of natural gas.
  • IGX provides a transparent and competitive marketplace for buyers and sellers of natural gas.
  • The exchange aims to increase the availability of natural gas, promote efficient gas markets, and drive investments in the gas infrastructure in India.
  • ONGC's participation in IGX is expected to enhance the liquidity and depth of the market, benefiting all stakeholders in the natural gas value chain.
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