Gas price hike a mega scam in the making: Dasgupta
11 years, 10 months ago

Gas price hike a mega scam in the making: Dasgupta

The Hindu  

The Petroleum and Natural Gas Ministry is on the verge of perpetrating a “gigantic scam” by advocating a gas price hike that would benefit the Mukesh Ambani-owned Reliance Industries Limited to the tune of thousands of crores, said CPI MP Gurudas Dasgupta at a press conference here on Thursday. Mr. Dasgupta has sought the intervention of Prime Minister Manmohan Singh in not only putting an end to this “national loot” but also in deciding on whether Veerappa Moily, the Petroleum and Natural Gas Minister, can continue in office. Mr. Dasgupta, who also released a letter to the Prime Minister along with some documents including parts of a Cabinet note on the gas price hike, said while the Rangarajan panel had recommended almost doubling the $4.2 mbtu price, Mr. Moily had gone much further and recommended that the gas price be $8 mbtu in the first year, $10 mbtu in the second year, $12 mbtu in the third year and $14 mbtu in the last two years — close to what RIL had been demanding. “What is even more shocking is that Mr. Moily has been pitching for RIL despite strong resistance by officials in the Petroleum Ministry including the Petroleum Secretary to a massive hike in gas prices.

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History of this topic

Supreme Court gives RIL 6 weeks to respond on Gas Pricing
10 years, 2 months ago

Supreme Court gives RIL 6 weeks to respond on Gas Pricing

Live Law  

The Supreme Court on 16th January gives 6 weeks time to Mukesh Ambani’s Reliance Industries Limited to respond to the Comptroller and Auditor General of India report on the gas pricing from the KG basin.A bench headed by Justice T S Thakur also allowed Dasgupta and other petitioners to file their response to the NDA government's fresh guidelines which would …

Gas price of over $6.5 key to monetisation of RIL discoveries
10 years, 6 months ago

Gas price of over $6.5 key to monetisation of RIL discoveries

Firstpost  

A four-member panel of secretaries is likely to submit its report on a new gas pricing mechanism to the government by tomorrow. New Delhi: A gas price of over $6.5 per million British thermal unit is a prerequisite for early monetisation of discoveries made by Reliance Industries, Deutsche Bank said. “Our channel checks indicate that a gas price over USD …

Reliance Industry Ltd setback to Oil Ministry: GAIL, CPCL refuse to comply with KG-D6 order
10 years, 7 months ago

Reliance Industry Ltd setback to Oil Ministry: GAIL, CPCL refuse to comply with KG-D6 order

India TV News  

New Delhi: In a setback to Oil Ministry, gas utility GAIL and refiner CPCL have expressed their inability to deduct USD 115 million from the amount due to Reliance Industries to make up for the additional profit petroleum from the flagging KG-D6 block. Oil Minister Dharmendra Pradhan had last month told the Parliament that his Ministry has disallowed RIL from …

Gas prices: Moily overruled anyone who was against Reliance, SC told
11 years ago

Gas prices: Moily overruled anyone who was against Reliance, SC told

Firstpost  

New Delhi: Alleging collusion between the government and Reliance Industries Ltd, veteran communist lawmaker Gurudas Dasgupta on Tuesday told the Supreme Court that Petroleum Minister Veerappa Moily overruled every recommendation adversely affecting the company’s operations in KG basin without justifying his decision. “Moily overruled every authority” and “series of people from the petroleum ministry, finance ministry, two parliamentary committees, hydrocarbon …

Gas pricing issue: RIL ‘favoured’ by UPA, says FIR
11 years, 1 month ago

Gas pricing issue: RIL ‘favoured’ by UPA, says FIR

The Hindu  

The FIR of the Anti-Corruption Branch placed before a Delhi court naming Petroleum Minister M.Veerappa Moily, Mukesh Ambani and others on gas pricing issue alleged that the Congress-led UPA government “favoured” Reliance Industries Ltd with an eye on 2014 general elections and BJP is maintaining “silence” hoping to gain corporate funding for the polls. “Under RIL’s pressure, the government, with …

AAP questions Modi's silence on gas price issue
11 years, 1 month ago

AAP questions Modi's silence on gas price issue

India TV News  

Bhubaneshwar: Describing the Congress and the BJP as two faces of "corruption", AAP today questioned silence of Narendra Modi on the gas pricing issue involving the Reliance Industries Limited. "Why BJP and its Prime Ministerial candidate Narendra Modi are silent over the gas pricing issue involving RIL," AAP's national executive member Yogendra Yadav said at the party's first-ever public meeting …

RIL down over 2% after Delhi govt files case against Ambani
11 years, 1 month ago

RIL down over 2% after Delhi govt files case against Ambani

The Hindu  

Shares of Reliance Industries Ltd. on Tuesday fell by over 2 per cent after the Delhi Government ordered filing of criminal cases against its chief Mukesh Ambani and others, following complaints of irregularities in pricing of natural gas in KG basin. Delhi Government on Tuesday ordered filing of criminal cases against Union Minister Veerappa Moily, former minister Murli Deora, Reliance …

Delhi chief minister orders ACB to file FIRs against Moily, Deora, Mukesh Ambani
11 years, 1 month ago

Delhi chief minister orders ACB to file FIRs against Moily, Deora, Mukesh Ambani

India TV News  

New Delhi: The Delhi chief minister Arvind Kejriwal today ordered the Anti-Corruption Bureau to file FIRs against Petroleum Minister Veerappa Moily, former Petroleum Minister Murli Deora, Reliance Industries Ltd, its chairman Mukesh Ambani and V K Duggal, former director-general hydrocarbons and others, for causing huge loss to the nation's exchequer by hiking the cost of production for supply gas. In …

Why delay ending RIL contract, Dasgupta asks PM
11 years, 5 months ago

Why delay ending RIL contract, Dasgupta asks PM

The Hindu  

Communist Party of India MP Gurudas Dasgupta on Friday urged Prime Minister, Manmohan Singh to direct the Petroleum Ministry to initiate proceedings against Reliance Industries Limited and its partners for termination of their contract for KG-D6 gasfields for ‘wilful default’ and violation of the production sharing contract. In a letter to the Prime Minister, Mr. Dasgupta reiterated that the Petroleum …

RIL in fresh trouble as CAG questions Ministry on gas price hike
11 years, 6 months ago

RIL in fresh trouble as CAG questions Ministry on gas price hike

The Hindu  

The Mukesh Ambani-owned Reliance Industries Limited is in for more trouble as the Comptroller and Auditor-General has questioned the Petroleum and Natural Gas Ministry over the recent gas price increase and wanted to know the steps taken to ensure that the operator delivers gas at $4.2 mbtu as per the approved production plan. In view of the shortfall in gas …

RIL terms govt move to force old gas price illegal
11 years, 6 months ago

RIL terms govt move to force old gas price illegal

The Hindu  

Lashing out at a move to force it to sell gas from main KG-D6 fields at old rate of $ 4.2, Reliance Industries said the “illegal” action runs contrary to the signed contract and will stifle private investment in oil and gas hunt. Mr. Prasad said any move to penalise it on allegations of hoarding gas made by certain vested …

Why pay a higher price if RIL says cost of gas is $2.74/mbtu?
11 years, 7 months ago

Why pay a higher price if RIL says cost of gas is $2.74/mbtu?

The Hindu  

In a disclosure that puts a question mark over the massive hike proposed in the price of gas from April 2014, the Petroleum Ministry has told the Standing Committee on Finance that the cost of production of gas in the KG D6 block, including levies, works out to $2.74 mbtu based on the financial statement of Mukesh Ambani-owned Reliance Industries …

RIL gas price: Petroleum ministry may go to cabinet – Firstpost
11 years, 7 months ago

RIL gas price: Petroleum ministry may go to cabinet – Firstpost

Firstpost  

New Delhi: The petroleum ministry may approach the cabinet soon with a response to a finance ministry suggestion that Reliance Industries be asked to sell gas it has failed to deliver at the old price. Within days of the cabinet approving a gas pricing formula that will double rates to $8.4 per million British thermal units from April 2014, the …

SC to examine gas price policy, issues notices to Centre, RIL
11 years, 7 months ago

SC to examine gas price policy, issues notices to Centre, RIL

India TV News  

New Delhi, Jul 29: Government's controversial decision to raise the price of natural gas reached the Supreme Court which today agreed to examine the matter. Taking up a PIL filed by CPI MP Gurudas Dasgupta, the court issued notices to the Centre, Reliance Industries Ltd and the Petroleum Minister Veerappa Moiley.The bench headed by Chief Justice P Sathasivam said that …

Gas price hike: Dasgupta asks Manmohan to reconsider CCEA decision
11 years, 8 months ago

Gas price hike: Dasgupta asks Manmohan to reconsider CCEA decision

The Hindu  

Communist Party of India MP Gurudas Dasgupta has urged Prime Minister Manmohan Singh to reconsider the >decision of the Cabinet Committee on Economic Affairs to hike natural gas price from April 2014 to almost double and allow a debate in the public domain and among stakeholders to take place before it is implemented. In a letter to the Prime Minister …

Petrol price hike unjust, says TN CM
11 years, 8 months ago

Petrol price hike unjust, says TN CM

India TV News  

Chennai, Jul 15: Tamil Nadu Chief Minister J Jayalalithaa yesterday termed as “unjust” the frequent hike in petrol prices and accused the Oil Marketing Companies of being profit-oriented. Centre should think how people can tolerate petrol price hike 24 times a year,” she said in a statement. Today's hike had come within days of OMCs increasing petrol rates by Rs …

UPA counts on RIL poll funds, says Dasgupta
11 years, 8 months ago

UPA counts on RIL poll funds, says Dasgupta

The Hindu  

CPI leader Gurudas Dasgupta on Thursday criticised the UPA government for accepting the Rangarajan Committee recommendation on natural gas price hike with a view to keeping Reliance Industries Limited in “good humour.” The MP alleged that the Manmohan Singh-led dispensation was looking at funds from RIL for election expenditure and hence, was not acting against the company in spite of …

RIL must get lower gas price till shortfall is delivered: FinMin
11 years, 8 months ago

RIL must get lower gas price till shortfall is delivered: FinMin

The Hindu  

After having approved a doubling of the existing gas price to $8.4 per mmbtu on June 28, the Finance Ministry has woken up to the fact that private gas producers like Reliance Industries Ltd are likely to reap windfall gains from the new pricing formula. In a formal note, the ministry has now asked the Petroleum and Natural Gas Ministry …

Gas price hike: How govt looks to cushion power firms
11 years, 9 months ago

Gas price hike: How govt looks to cushion power firms

Firstpost  

But higher gas prices, on the heels of an increase in coal costs agreed last week, could translate into higher power costs for consumers and more costly fertiliser for farmers, which could cost the government votes in elections due by next May. Mumbai/ New Delhi: India promised to protect key industries from the full impact of higher gas prices, taking …

New gas price will apply to all firms, says Moily
11 years, 10 months ago

New gas price will apply to all firms, says Moily

The Hindu  

Refuting allegations that favour had been shown to the Mukesh Ambani–owned Reliance Industries Limited in the pricing of domestically produced natural gas, Petroleum and Natural Gas Minister Veerappa Moily on Friday said the new price would apply to all firms. Terming the allegations made by Communist Party of India MP Gurudas Dasgupta motivated and false, Mr. Moily, in a statement …

We will take all on board: Chidambaram
11 years, 10 months ago

We will take all on board: Chidambaram

The Hindu  

The Union Cabinet will consider the impact of the proposed increase in natural gas prices on power tariff and fertilizer subsidy before deciding on increasing the rates, Finance Minister P. Chidambaram said on Thursday. Commenting on CPI leader Gurudas Dasgupta’s allegations that a “gigantic scam” was in the making in the Oil Ministry’s proposal to increase gas prices, he said …

Oil Ministry recommends hike in natural gas price
11 years, 10 months ago

Oil Ministry recommends hike in natural gas price

The Hindu  

The Petroleum and Natural Gas Ministry has moved a Cabinet note recommending a $6.7 per million metric British thermal unit price for domestically produced gas. Highly placed officials in the Ministry said the Cabinet note had pitched for a single price for all kinds of gas produced in the country which would benefit Oil and Natural Gas Corporation and Oil …

RIL to invest $27 bn in next four years: report
12 years ago

RIL to invest $27 bn in next four years: report

The Hindu  

Reliance Industries plans to invest about $27 billion in next four years across its core oil and gas and petrochemical businesses as also new ventures like telecom. According to a Deutsche Bank AG report issued after its analysts met one of the company’s two joint chief financial officers, “RIL is at the cusp of its next capex cycle as it …

RIL demands freeing of gas pricing
12 years, 4 months ago

RIL demands freeing of gas pricing

Firstpost  

RIL gets $4.2 per million British thermal unit for the gas produced from its KG-D6 fields in the Bay of Bengal. New Delhi: Reliance Industries today demanded freeing of natural gas pricing saying that the scarce fuel should be priced at the rates which consumers are willing to pay. State-owned gas utility GAIL India chairman and managing director BC Tripathi …

Gas pricing: RIL writes to Rangarajan panel, refuting Reddy's claims
12 years, 4 months ago

Gas pricing: RIL writes to Rangarajan panel, refuting Reddy's claims

Firstpost  

The company has written a letter to this effect to the C Rangarajan panel, which is set up to decide on the decide on future gas pricing and production sharing contracts. Reliance Industries has said subsidies are extraneous to the production sharing contract signed by the government with the company, in effect rebutting former Oil Minister Jaipal Reddy’s claims that …

Govt rebuts allegations of favouritism towards RIL
12 years, 4 months ago

Govt rebuts allegations of favouritism towards RIL

The Hindu  

The government on Thursday strongly rebutted allegations of it showing favouritism towards Reliance Industries, saying decisions were taken objectively without fear or favour and that it had way back in 2010 rejected the company’s demand for a revision in gas price. Terming allegations levelled by India Against Corruption as “baseless and frivolous, the Oil Ministry in a six-page statement said …

Why prop up RIL and let down NTPC, Kejriwal asks Manmohan
12 years, 4 months ago

Why prop up RIL and let down NTPC, Kejriwal asks Manmohan

The Hindu  

India Against Corruption alleged on Wednesday that Prime Minister Manmohan Singh was batting for corporate houses, and the PMO was very “sympathetic” to Reliance Industries Limited’s demand for a revision in the gas price. The Prime Minister asked the Petroleum Ministry to seek the Attorney-General’s opinion whether the gas price could be increased midway…” Mr. Kejriwal told a press conference. …

Massive petrol price hike is failure of Cong led UPA, says Modi
12 years, 10 months ago

Massive petrol price hike is failure of Cong led UPA, says Modi

India TV News  

Ahmedabad, May 24 : Reacting to the steep hike in petrol prices, Gujarat Chief Minister Narendra Modi today termed the step as failure of the Congress led UPA government. “Massive hike in petrol prices is a prime example of the failure of Congress led UPA government. This would put a burden of hundreds of crores on Gujarat,” Modi, wrote on …

Ambani one step closer to achieving gas pricing goals
13 years ago

Ambani one step closer to achieving gas pricing goals

Firstpost  

The PM’s statement that government will have to make changes in gas pricing means Reliance is one step closer to getting a better deal. On Friday, Prime Minister Manmohan Singh told a Delhi seminar: “We are conscious that remunerative energy prices are needed to ensure expanded energy supply.” The PM’s statement, which has been duly hedged with ifs and buts …

RIL demand for gas price hike draws flak
13 years ago

RIL demand for gas price hike draws flak

The Hindu  

Opposing the demand of Reliance Industries Limited for an upward revision of KG-D6 gas price, the Association of Power Producers has warned that such a move would only push up electricity price by 50 paise per unit for every dollar increase in gas price. In a representation to Prime Minister Manmohan Singh, and the Petroleum and Natural Gas Minister, Jaipal …

Oil Ministry refers BP-RIL deal to Cabinet
13 years, 8 months ago

Oil Ministry refers BP-RIL deal to Cabinet

The Hindu  

The Union Petroleum and Natural Gas Ministry has decided to refer the $7.2-billion deal of Britain's BP buying 30 per cent stake in Mukesh Ambani-owned Reliance Industries Ltd.'s oil and gas blocks to the Cabinet Committee on Economic Affairs for final approval. The deal involves RIL selling 30 per cent interest to BP in 23 exploration blocks, including eastern offshore …

Petrol price hike a ‘cruel blow to people'
13 years, 10 months ago

Petrol price hike a ‘cruel blow to people'

The Hindu  

Opposition parties have lambasted the government for the Rs.5 a litre hike in petrol price, terming it a “cruel blow” to people who were already reeling under soaring prices of all essential commodities. In a joint statement issued on Sunday, the Communist Party of India, the Communist Party of India, the All India Forward Bloc and the Revolutionary Socialist Party …

Reliance Industries will lose if gas is sold to RNRL at $2.34: Salve
15 years, 4 months ago

Reliance Industries will lose if gas is sold to RNRL at $2.34: Salve

The Hindu  

If Reliance Industries Ltd sells gas at $2.34 per mbtu to Reliance Natural Resources Ltd, the Government makes a loss in profit petroleum and takes income tax from RIL, argued senior counsel Harish Salve in the Supreme Court on Friday. Making his submissions before a three-judge Bench of Chief Justice K. G. Balakrishnan, Justice B. Sudershan Reddy and Justice P. …

Ambani gas dispute: Bigger team to argue government case
15 years, 5 months ago

Ambani gas dispute: Bigger team to argue government case

The Hindu  

With the Ambani gas dispute case coming up for hearing in the Supreme Court on October 20, the government has decided to strengthen the legal team, headed by Additional Solicitor-General Mohan Parasaran, which is arguing its case. On Thursday, Finance Minister Pranab Mukherjee, along with Law and Justice Minister M.Veerappa Moily and Petroleum and Natural Gas Minister Murali Deora, held …

Losing $100 mn in KG basin gas sales a month, says RIL
15 years, 6 months ago

Losing $100 mn in KG basin gas sales a month, says RIL

Live Mint  

New Delhi: Mukesh Ambani-controlled Reliance Industries Ltd, or RIL, India’s most valuable company, said it is losing $100 million of sales a month from the nation’s biggest gas field because of a government delay in allocating buyers for the fuel. Reliance’s earnings may be affected by the limited output as the government awaits a resolution of the suit before naming …

Government's effort not to protect RIL's interest: Deora
15 years, 7 months ago

Government's effort not to protect RIL's interest: Deora

The Hindu  

Irked by allegations of favouritism, Petroleum Minister Murli Deora on Saturday said his Ministry had better things to do than go around supporting Mukesh Ambani-led RIL. Don't we have any other work," Mr. Deora shot back when asked about Anil Ambani group's ad-campaigns in newspapers alleging that the Ministry was favouring RIL. The government will protect the interests of state-owned …

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