Business Daily from THE HINDU group of publications
Friday, Jul 06, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Jul 06, 2007 ePaper |
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Industry & Economy
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Petroleum Panel on gas pricing meet today
Our Bureau New Delhi, July 5 The Committee of Secretaries (CoS) set up to deliberate on the pricing of natural gas produced off the east coast will meet on Friday. Official sources said the ministries of fertiliser and power are likely to present their demands and the suitable gas price for the entities in their respective sectors. Gas pricing issue became contentious after most of the consumers, including the Anil Ambani Group, and Andhra Pradesh Government, expressed their reservations on the pricing formula proposed by Reliance Industries Ltd (RIL) for the gas from its D6 block in the prolific Krishna-Godavari Basin. Many consumers were of the view that a market regulator for upstream sector should determine the price of gas, under the current situation of shortage and supply monopoly from KG Basin, and the Government should only restrict itself with policy work. The CoS is also likely to look into the aspect whether the Centre should take its share in cash or kind. The CoS comprises Secretaries of Petroleum, Power, Fertiliser, Expenditure and Law. Indications are that the Petroleum Ministry during the CoS meeting on July 2 pleaded for not changing the current policy that allows firms discovering hydrocarbons to sell at market prices. The Ministry is understood to have argued that attempts to regulate prices could be seen as Government going back on its commitment and would dampen the forthcoming auction of oil and gas blocks.
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