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Sunday 15 February 2015

Gas Sector Investments Stranded In India: Rs 1lakh Cr

 In its letter to the oil minister, ASSOCHAM has suggested the government to pool domestic gas, long term imported re-gasified liquefied natural gas (RLNG). 
MUMBAI(Commodity Online): Apex industry body ASSOCHAM has urged the Centre to implement universal gas pooling based allocation and pricing policy from April 1, 2015 and appoint a pool operator responsible for importing additional gas required based on a transparent tendering processing. "Limited domestic gas availability together with bottlenecks in import facilities and high cost of imported gas have resulted in huge stranded investments worth over Rs 1 lakh crore together with differential and constantly changing allocation to various customer segments," said The Associated Chambers of Commerce and Industry of India (ASSOCHAM) in a communication addressed to Arun Jaitley,union finance minister. "Despite availability of large gas import capacity, India continues to face gas shortages because of high cost of imported gas through spot and short-term markets and limited access to import capacity," said D.S. Rawat, secretary general of ASSOCHAM. "Frequently changing gas allocation policy resulted in large investments made on the basis of domestic gas allocation becoming infructuous and stranded thereby adversely affecting private sector enterprises and leading to poor interest in investment in gas sector industries dependent upon gas supply," said Rawat. "Recent reduction in spot and short term import gas prices offers an opportunity to the Government to eliminate the shortage faced in the gas sector and also introduce transparency in gas allocation and pricing through universal gas pooling," he added. In its letter to the oil minister, ASSOCHAM has suggested the government to pool domestic gas, long term imported re-gasified liquefied natural gas (RLNG) and short-term/spot gas imported using available import capacity to create a total supply base of 164 million metric standard cubic meter per day (MMSCMD) to supply gas to all the gas based installed facilities. "This is considering the decline in crude prices having resulted in fall in spot/short-term gas price from $15 per million British thermal units (MMBtu)," noted the letter.


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