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Moneycontrol.com >> Messageboard >> Stocks >> Reliance >> LIKELY ORDER OF SUPREME COURT - THE GOVT DETERMINED GAS PRICE WILL BE STRUCK DOWN
   You are here :     Moneycontrol     MMB    Stocks      Reliance                         Most active discussions of 2006 , 2007 & 2008
LIKELY ORDER OF SUPREME COURT - THE GOVT DETERMINED GAS PRICE WILL BE STRUCK DOWN (128)   04-Nov-09 06:05Track this thread   Tracked by (1)  
Posted by:   GOLD FINGER on ( 04-Nov-09 06:05 )
Rating      
Price : BSE: Rs 1820.65 ( -5.73 % ), NSE: Rs. 1818.55 ( -5.83 % )
QUOTE
RIL says it cannot honour the commitment made in the 2005 family agreement due to Government`s pricing and gas policies.
UNQUOTE
htt p://economictimes. indiatimes.c om/news/news-by-industry/energy/oil-gas/Gas-dispute-RIL-RNRL-oppose-shareholders-plea-in-SC/articleshow/5192864.cms

QUOTE
The Supreme Court Thursday asked Reliance Industries if the gas utilisation policy had indeed been notified by the government and if the same was in the nature of an industrial policy. And the answer was no.
UNQUOTE
htt p://ww w. thaindian. c om/newsportal/business/reliance-industries-admits-gas-policy-was-not-notified-second-lead_100264257.html

QUOTE
The Supreme Court Thursday observed that the country will stand to gain if natural gas from the Krishna-Godavari basin is sold at a lower price, while Reliance Industries alone will benefit if the consideration is higher.
UNQUOTE
htt p://sify. c om/finance/high-gas-price-will-benefit-only-reliance-sc-news-equity-jk3saeehfca. html?tag=Reliance_Industries

QUOTE
Question by Swadesh Chakrabortty CPI-M
Whether the government is considering revision of gas price of Reliance Industries as and when the gas is available from KG Basin. Whether RIL has requested the government to raise the gas price at 4.20 dollars per unit; whether Oil and Natural Gas Corporation is supplying gas at a price of 2.2 dollars / unit.


Answer by Dinsha Patel, minister of state in the ministry of petroleum & natural gas
No, sir. No request has been made to the government by RIL to raise the gas price. Under administered price mechanism, gas is being supplied by ONGC to power and fertiliser sectors at Rs 3,200 / thousand standard cubic metres and to transport sector and Court mandated small consumers at Rs 3,840 / mscm. In the North East, the supply to the mentioned categories of consumers is at Rs 1,920/mscm and Rs 2,304/mscm respectively. At US dollar 1= Rs 45, these prices translate to US dollar 1.792/mmbtu, US dollar 2.15 / mmbtu, US dollar 1.076/mmbtu and US dollar 1.20 / mmbtu, respectively. APM price is not comparable with market determined prices under production sharing contract.
UNQUOTE

htt p://ww w. businessworld. in/bw/2009_07_16_Questions_That_Beg_Answers.html

SO THE CONCLUSION. THE PSC RATE OF 4.2 DOLLARS WILL BE STRUCK DOWN AS BEING AGAINST THE NATION`S INTEREST. THIS WILL PAVE WAY FOR SUPPLY OF GAS TO RNRL AS PER FAMILY MOU.

This is my personal opinion considering the fact that RIL dropped nearly 6 percent and RNRL gained more than 10 percent yesterday.
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