Financial Daily from THE HINDU group of publications
Monday, Apr 07, 2003
Financial Daily from THE HINDU group of publications Monday, Apr 07, 2003 |
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Petroleum Corporate - Announcements RCF in talks for buying gas from Petronet Archana Chaudhary
MUMBAI, April 6 RASHTRIYA Chemicals and Fertilizers Ltd is in talks with Gail India Ltd to buy two million tonnes of annual gas supplies from Petronet LNG Ltd. "Gail is negotiating the sale of Petronet's natural gas and we are in talks with them,'' confirmed Mr S Balan, Chairman and Managing Director, RCF Ltd. Petronet's natural gas terminal in Gujarat, capable of handling five million tonnes per annum, is expected to be commissioned by the end of December. However, no agreement has been signed as price negotiations are still on. "We would have signed an MoU with Gail but for the LNG price offered. We find the price very high at Rs 3,000 per million British thermal units. We are still negotiating,'' Mr Balan told Business Line. RCF, which requires two million tonnes of LNG every year for its Trombay and Thal, is awaiting news on the final price to be decided in the LNG tender issued by the National Thermal Power Corporation. NTPC has issued an international tender for supply of five million tonnes of LNG in Gujarat which has evoked response from half-a-dozen oil majors. "This price will hopefully set a benchmark for a viable LNG price, affordable to power and fertilizer companies,'' Mr Balan said.
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