Essar Steel, Adani Group and State-owned GAIL have bought majority of natural gas from Reliance Industries’ newer fields in the KG-D6 block at USD 5.1-5.16 per unit but fertiliser companies skipped the auction that could have helped save at least Rs 800 crore subsidy annually.
Essar Steel picked up 2.25 million standard cubic metres per day or about half of the available volumes in the country’s first transparent and dynamic forward auction that lasted for about five-and-half-hours on November 15, industry sources said.
Gujarat State Petroleum Corp (GSPC) picked up 1.2 mmscmd while Adani Group and Mahanagar Gas Ltd bought 0.3 mmscmd, sources said, adding GAIL, acting on behalf of fertiliser companies, bought 0.3 mmscmd of gas.
