Bloomberg.com has reported today, September 13, 2007 from Mumbai, India that the price of natural gas has been set and capped 34 percent below a global pricing benchmark, for the purpose of cutting returns for Reliance Industries Ltd. and deterring global companies from exploring for natural gas in India.
Bloomberg.com has reported today, September 13, 2007 from Mumbai, India that the Indian government yesterday ordered Mumbai-based Reliance, India's biggest company, to sell natural gas from the Krishna Godavari field for $4.2 per million British thermal units, which is less than the about $4.5 per million British thermal units it was seeking. The natural gas price will be a benchmark for all producers in the country, the oil ministry said in a statement in New Delhi yesterday.
Bloomberg.com has reported today, September 13, 2007 from Mumbai, India that the lower gas costs ensure subsidized power and fertilizer for farmers, whose votes helped Prime Minister Manmohan Singh form a ruling coalition in May 2004. Regulated prices may delay projects that would ease a shortfall of the fuel, forcing utilities to seek alternative supplies.
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