This data collaboration allows IGX to use S&P Global’s benchmarks to settle its planned LDCs and further enables IGX to provide an array of contracts based on key indices, including the Platts Japan Korea Marker (JKM), Platts West India Marker (WIM), and Platts Dated Brent, to its trading participants.
Bengaluru, January 2, 2024: The Indian Gas Exchange (IGX) has entered into a data licensing agreement with S&P Global Commodity Insights to use S&P Global’s Platts benchmarks in IGX’s proposed long-duration contracts (LDCs). The licensing agreement was executed on the sidelines of the Indian Gas Exchange’s 3rd anniversary event. This data collaboration allows IGX to use S&P Global’s benchmarks to settle its planned LDCs and further enables IGX to provide an array of contracts based on key indices, including the Platts Japan Korea Marker (JKM), Platts West India Marker (WIM), and Platts Dated Brent, to its trading participants.
Renowned for its rigorous price assessment methodologies and independent daily price assessments in various energy and commodities markets, S&P Global Commodity Insights and its Platts benchmarks are an important addition to IGX and its commitment to fostering innovation and providing a robust platform for buyers, sellers, and traders in the Indian gas market. By incorporating globally recognized benchmarks, the exchange aims to enhance market liquidity and create a conducive environment for the growth of the natural gas sector in India.
IGX’s LDC contracts, with three-month to one-year commitment lengths, will help India’s market participants secure their natural gas needs. IGX intends to provide complete flexibility to its natural gas buyers to choose fixed-price terms or prices linked to international Platts benchmarks. This will enable buyers to manage commodity and price risk under competitive, transparent, and flexible options on IGX.
Speaking on this development, Mr. Rajesh Mediratta, MD & CEO, Indian Gas Exchange Limited, said, “This collaboration brings together the strengths of both companies for the benefit and growth of the gas sector in India. This milestone initiative will offer trading participants of IGX unprecedented flexibility and price hedge. We are confident this data collaboration will open many more areas of cooperation between our two companies.”
Saugata Saha, President of S&P Global Commodity Insights, said, “We’re pleased IGX recognizes the price transparency Platts benchmarks bring to the marketplace, as well as their relevance beyond the point of assessment. We welcome important data-licensing alliances that foster growth in key marketplaces like India.”
S&P Global Commodity Insights is the leading independent provider of information, data, analysis, benchmark prices, and workflow solutions for the commodities, energy, and energy transition markets.
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