The Hindu Business Line : PMT venture seeks nod to end supply to GAIL

ONGC-operated Panna-Mukta-Tapti (PMT) joint venture has approached the Union Ministry of Petroleum and Natural Gas seeking the release of 6 million metric cubic metre of natural gas being supplied per day to GAIL, for direct marketing purposes.

In a communicationlast month, the joint venture had also asked the Ministry to avoid delays between the approval and tying up of fresh customers. While the Centre is yet to respond, the sources said that the subject had come up for discussion at several meetings between PMT and the Petroleum and Natural Gas Ministry. Apart from ONGC, the other joint venture partners are British Gas and Reliance.

Citing that they were successfully marketing natural gas at prices of over $4.5 million metric British thermal unit (mmbtu) to several customers, PMT said that since the one-year time frame for supplying 6 million metric standard cubic metres a day (mmscmd) gas to GAIL at a lower price of $ 3.86 per mmbtu would be ending on March 31, the joint venture should be allowed to market the gas directly.

GAIL sources said that discussions were currently on between Petroleum and Power Ministries on the issue.

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