Piramal Glass was the 2nd highest bidder quoting $4.97 per mmBtu, followed by GujaratState Petroleum Corp.
New Delhi : Reliance Industries has outbid rivals, including state-owned GAIL India, to buy the entire volume of natural gas from its own coal seam blocks until March 2021. In May, RIL had become the first buyer of gas it produced from its own coal bed methane (CBM) block in Madhya Pradesh after agreeing to pay the highest price of $4.23 per million British thermal unit (mmBtu) for May-June. In the following quarter, it paid an additional 6 per cent at $4.50 per mmBtu to take all of the CBM gas from Sohagpur East and Sohagpur West blocks.
In the latest bidding for up to 3 million standard cubic metres per day (mmscmd) of gas to be produced during October 2017 and March 2021, RIL quoted $6.26 per mmBtu at the current oil price, according to bid documents.
Piramal Glass was the second-highest bidder quoting $4.97 per mmBtu, followed by Gujarat State Petroleum Corporation (GPSC) putting in a bid of $4.9. GAIL bid for 1.5 mmscmd of gas at a price of $4.63 per mmBtu while its subsidiary GAIL Gas sought an equivalent quantity at $4.11 per mmBtu price. RIL plans to use the gas at its petrochemical plants in Gujarat.
