Indian Gas Exchange Teams Up with S&P Global for Long-Term Contract Benchmarks
IGX has forged a data licensing deal with S&P Global Commodity Insights, facilitating the incorporation of S&P Global's Platts benchmarks into IGX's forthcoming Long Duration Contracts (LDCs). This agreement was formalized during IGX's 3rd Anniversary event. Through this partnership, IGX will leverage S&P Global's benchmarks, such as Platts Japan Korea Marker (JKM), Platts West India Marker (WIM), and Platts Dated Brent, to settle its proposed LDCs.
The integration is anticipated to broaden the range of contract choices available to IGX's traders, enhancing market liquidity and supporting growth within India's natural gas sector. These Long-Duration Contracts (LDCs), spanning from three months to one year, are tailored to aid Indian market participants in securing their natural gas supplies while offering flexibility. IGX aims to grant its buyers the option between fixed-price terms or prices linked to international Platts benchmarks, facilitating efficient commodity management and price risk mitigation.
Rajesh Mediratta, MD & CEO of Indian Gas Exchange Limited, expressed, "This collaboration harnesses the strengths of both companies to benefit and advance the Gas Sector in India. This milestone initiative will provide IGX trading participants unprecedented flexibility and price hedging. We believe this data partnership will unlock numerous additional collaborative opportunities between our organizations".
Saugata Saha, President of S&P Global Commodity Insights, mentioned, "We are gratified that IGX acknowledges the price transparency offered by Platts benchmarks in the market, acknowledging their significance beyond mere assessment. We welcome significant data licensing collaborations that encourage growth in crucial market segments like India". S&P Global Commodity Insights stands as a foremost independent provider of information, data, analysis, benchmark prices, and workflow solutions for commodities, energy, and energy transition markets.