Finance ministry wants RIL to sell some gas at old price of $4.2/mBtu

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It also raised the issue of closer regulation of technical issues in gas production and recovery of costs, in an apparent reference to Reliance’s dispute. Gas prices were raised in line with the recommendations of the Rangarajan committee, which suggested a formula that takes into account international benchmarks in Europe, Japan and the US as well as the cost of LNG being imported by India. According to Niko Resources, which holds 10% in Reliance’s D6 block, the price would be $8.4 per unit next April when the formula would be applicable. Reliance’s existing gas sales contracts expire at the end of the current fiscal. It has obtained government approval for charging $4.2 for five years ending March 2014.

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Finance Latest News: Stocks Drift Lower Before Fed Releases Minutes

Markets open in 3 hrs 28 mins YOUR FRIENDS’ ACTIVITY Remind me when I share | Not you? Log out of Facebook How to remove this experience Finance Latest News: Stocks Drift Lower Before Fed Releases Minutes Link 13 hours ago, Wochit Stocks drifted lower ahead of the release of minutes from the Federal Reserve’s latest policy-meeting. Federal Reserve officials expressed concern about how well the central bank was conveying its policy intentions to a jittery investing public, according to minutes from the most recent meeting. Billionaire investor Carl Icahn says he will ask a Delaware judge to assess whether a proposed $24.4 billion acquisition of Dell represents a fair price for the struggling personal computer maker.


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