Reliance Industries has warned of cartelisation if it is again asked to seek price bids from consumers for the natural gas it plans to produce from its eastern offshore KG-D6 fields.
"The bidding process followed by RIL (that discovered the price of $4.33 per million British thermal unit for KG-D6 gas) was a transparent and legally complete process in line with the provisions of the Production Sharing Contract," RIL President & CEO-Petroleum P M S Prasad wrote to Petroleum Secretary M S Srinivasan.
The Prime Minister's Economic Advisory Council had in view of doubts about transparency of the bidding process suggested rebidding although it acknowledged the rationality and competitiveness of RIL's pricing formula for KG-D6 gas. An Empowered Group of Ministers, set up