Reliance Industries, India’s biggest gas field operator, said it’s paying more to buy liquefied natural gas from the spot market while waiting for fuel allotments from the government.
“We are spending much more than our own gas would have cost us,” PMS Prasad president for the oil and gas business, told reporters in New Delhi. “We are waiting for the government to make additional allocations. We hope we are allocated some of the gas as well.”
Reliance is importing liquefied natural gas at about $9 per million metric British Thermal Unit, to power its refinery in west India, executive director PMS Prasad told reporters outside the country's top court.
India controls the price and supply of gas and has selected companies including power and fertilizer producers as priority customers for supplies from the KG-D6 field off the nation’s east coast.
Output is less than the capacity of around 60 million cubic meters a day because of the delay in naming additional buyers for the gas, Prasad said in an interview.
Labels: Reliance, Reliance Industries