CCEA approves sale of natural gas from D1 and D3 gas fields

New Delhi, Dec.20 : The Cabinet Committee on Economic Affairs (CCEA) had approved Natural Gas Pricing Guidelines 2013 on 27th June 2013 based on the recommendations made by Dr. C. Rangarajan Committee for fixation of price of domestically produced natural gas for a period of five years with effect from April 1,2014.

After detailed examination and deliberations, the CCEA in its meeting held yesterday has decided the following:

(i) No change needs to be made in the earlier decision of CCEA on including spot prices in computation of gas price;

(ii) Cap or floor on gas prices is not required to be stipulated in the new formula.

(iii) The contractor would be to allowed to sell D1 / D3 gas at the revised price from 01.04.2014. This sale would be permitted on the basis of a Bank Guarantee (BG) by Reliance Industries Limited in favour of the government.

The CCEA has its announcement said concerns raised by the Standing Committee and Ministry of Finance, have been addressed in the proposal of the Ministry of Petroleum and Natural Gas which was circulated for the CCEA meeting in consultation with the ministries concerned.

--ANI (Posted on 21-12-2013)

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