HC allows Reliance to sell KG basin gas at $4.20

Reliance Industries Ltd. | Refineries | Oil & Gas | BSE: 500325 | NSE: RELIANCE

02 Feb 2009 Evaluate

The Bombay High Court on Friday allowed the Mukesh Ambani-controlled Reliance Industries to sell natural gas from its KG basin block at the Government approved price of $ 4.20/mmbtu, till the final judgment on the on-going case is pronounced. The sale of gas by RIL was banned by the court through an interim injunction obtained by Reliance Natural Resources Ltd in 2007. RNRL’s contention was that it has the first right to the gas from the KG basin, under the Ambani family agreement.

The Division Bench headed by Mr Justice J.N.Patel and Mr Justice K.K. Tated, which has been hearing the case, on Friday passed an interim order vacating the ban on RIL selling gas to parties other than Anil Ambani-controlled RNRL. The Division Bench also said that the interim order would operate only till the final judgment is given and it will not affect the rights of RIL and RNRL. Rights of NTPC, which is fighting another suit with RIL, will also remain unaffected.

Priority sectors such as power and fertiliser plants will get preference. The gas would be given to PSU as well as private sector plants. According to sources, the government has provided a list of 20 companies to Reliance Industries (RIL) for sale of gas as per the gas utilisation policy. Some of these companies include Nagarjuna Fertilizer & Chemicals, Chambal Fertilizers & Chemicals, Tata Fertilizers and Oswal Chemicals & Fertilizers among others. Any gas supply contract which RIL will sign in the interim period will have a rider that the other party will have to abide by the final judgment given by the court.

Reliance is set to begin producing gas from its D6 block in the eastern coast of Krishna Godavari basin later this month. Initial production from the block is likely to be around 20 million cubic meters per day (mcmd). Production is likely to be ramped up to peak rate of 80 mcmd within a year of start of production.

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