Reliance Industries sells bulk of gas to affiliate
Reliance Industries Ltd has sold three-fourth of the gas from its coal seams in Madhya Pradesh to an affiliate of the company at a price of just over $6 per million British thermal unit (mBtu) at current oil prices.
India Gas Solutions Private Limited, a 50: 50 joint venture of RIL and UK’s BP, bought 0.62 million standard cubic metres per day (mscmd) out of the 0.82 mscmd gas bid out in an auction last week, three people with knowledge of the matter said.
State-owned gas utility GAIL India Ltd cornered 0.17 mscmd, while 0.03 mmscmd was picked up by Reliance Gas Pipeline — the entity that transports gas from the coal-bed methane (CBM) blocks in Madhya Pradesh to consumers.
