Discretion allowed below new norms.
Reliance Industries and different producers of pure gas will now not need the federal government’s approval for gas value whether it is arrived at utilizing the brand new tips for the invention of market value, an official order stated.
The Ministry of Petroleum and Natural Gas, final week, notified tips for discovery of market costs for domestically produced pure gas by way of e-bidding.
The firms “shall design the tender/ bid offer, including the eligibility criteria, bid parameters, evaluation criteria, tender fee, salient terms and conditions of Gas Sales Agreement and any other relevant information, etc., with a view to encourage wider participation from prospective buyers, promote competition and maximise the value of natural gas offered,” the order stated.
ONGC and OIL are additionally to observe these tips for discovery of market value of pure gas from their fields wherever pricing and advertising and marketing freedom have been granted, it added.