Reliance Industries Ltd.

Reliance Industries is seeking approval for a proposal to triple its KG-D6 gas prices from April 1, 2014 after the current below market rate of $4.205 per million British thermal unit (mmBtu) expires. The company had submitted a proposal in June 2012, for a new crude oil-linked pricing formula to be used in new sales contracts for the period commencing April 1, 2014.

The company has sent a reminder on September 6 to A Giridhar, Joint Secretary (Exploration) in the Ministry of Petroleum and Natural Gas seeking approval of the price. If the new formula is approved, it will result in a gas price of slightly under $13 per mmBtu at an oil price of $100 per barrel.