InvestorQ : What is the rate at which the Reliance BP joint venture propose to sell gas?
Arusha Ray made post

What is the rate at which the Reliance BP joint venture propose to sell gas?

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8 months ago
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Reliance Industries and British Petroleum of UK have invited bids for the sale of 5.5 million standard cubic meters per day of additional natural gas from the eastern offshore Krishna Godavari basin KG-D6 block. The e-auction is expected to open on 23 April and the actual gas supply is expected to commence in early May.

The lowest bid that can be placed by the potential customer is JKM minus $0.3 per million British thermal unit. JKM stands for Japan Korea Marker. The highest acceptable bid will be JKM plus $2.01 per MMBtu and all bids will have to be between these ranges. This is the very same benchmark that was used by both the companies in February this year.

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