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News Brief | April 2015

GAIL told to deposit RIL gas profit into govt kitty

The government has ordered state-run gas utility Gail to deposit the difference between old and new price of gas from Reliance Industries Ltd´s KG-D6 field into the exchequer every month with a view to recovering profit share the Centre claims is due from India´s largest private oil company.
Oil minister Dharmendra Pradhan told Rajya Sabha on Wednesday that the government had on March 2 ordered Gail to deposit the amount, which was being credited to the gas pool account, ´into the government´s exchequer towards the additional profit petroleum of $195.34 million due and payable by the contractor up to 2013-14-ö. The government had in November last year raised domestic gas price to $5.61 per unit. At the same time, it asked consumers of gas from RIL´s field to pay the company the old rate of $4.2 and deposit the balance $1.41 in the gas pool account maintained by Gail. The revenue collected in the gas pool account was to recover the value of profit petroleum due from RIL after $2.376 billion in costs was disallowed for missing production targets.
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