Essar Steel, Adani, GAIL, HPCL buy Bul of Reliance gas- Skip fertilizer companies

Industry sources said that Essar Steel, Adani group and State-owned GAIL recently have brought a large part of natural gas from the Reliance Industry at the inductive price of $5.04- 5.16 per unit.

On November 15, the Essar Steel select 2.25 million normal cubic meters per day or some half volume in a day-long in the Auction.

The GSPC (Gujarat State Petroleum Corp) choose 1.2 mmscmd where the GAIL and Adani Group, Mahanagar Gas Ltd picked up mmscmd each. The HPCL (Hindustan Petroleum Corp Ltd choose 0.33 mmscmd and remain 0.10 mmscmd went to GNFC/GSFC. The partner BP PlC of Reliance of UK and they Had a search for the bids from Potential users for the 5 mmscmd of the Natural gas and they planned to generate from the R-Cluster Field in KG-D6 block from mid-2020.

New Delhi News on Reliance Limited

The bidder was said to recite the supply interval and the volume gas required. The meaning of Dated Brent is the mean of Brent published for three calendar Months straight away preceding the applicable contract month in which gas supply should be made.

8.4 percent of Dated Brent price reliance had to set a floor. On 15 November the Auction bidders recite between 8.4 and 8.6 percent slope of the corner of 5 mmscmd supply available. This gives a price of between $ 5.04 per million British terminal unit and 5.16 per mm Btu rate and the Brent price of oil is $ 60 per barrel.

For the usage in West India, the volumes are mostly planned especially in Gujarat where the gas provides through a single pipeline called the East-West pipeline. The providing price of gas in Gujarat is around $ 6.50 per mmBtu, the sources said. It sent the 9 percent of Dated Brent price.