【New Delhi】Heading for general elections in about 100 days from now, the Government on Thursday showed its eagerness to resolve key policy issues, including allowing Reliance Industries to benefit from higher gas prices, Coal India Ltd to extract coal bed methane, and give relief to sugar millers.
The government decided to allow the Mukesh Ambani-controlled company to double the price of gas produced from its KG-D6 block to $8.4 a million British thermal unit (mBtu) from April 1, 2014.
However, the breather is subject to certain riders — the company has to give a bank guarantee for shortfall in production from the block and sign a supplementary agreement with the government for the new dispensation.
The Cabinet Committee on Economic Affairs (CCEA) had decided to raise domestic gas price in June but was forced to reconsider the move after facing political pressure over doubling the price despite charges of gas hoarding on RIL.
【News source】
CCEA ups gas price for RIL subject to bank guarantee
RIL gets gas pricing breather, subject to bank guarantee
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