Gas unitization:
The second element of my proposal is that natural gas should be "unitized", through the simple device of the creation of "units" (in the Master Partnership) issued by producers and redeemable in gas. It is then possible for gas market infrastructure to be financed - or refinanced - in a way that renders secured debt - which in any case is becoming ever more scarce - entirely redundant.
Gas producers could, simply by selling undated gas units "forward", obtain interest-free finance through what is essentially a (sharia compliant) loan denominated in energy. Investors would be able to invest directly in gas, and benefit from energy price rises, but with the knowledge that they will always be able to redeem the units against their own energy consumption or to sell units to other consumers, if not to investors.
