Financial Daily from THE HINDU group of publications
Wednesday, May 15, 2002
Financial Daily from THE HINDU group of publications Wednesday, May 15, 2002 |
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Corporate
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Announcements Guj Gas to buy extra gas from GSPC Vinod Mathew
AHMEDABAD, May 14 GUJARAT Gas Company Ltd (GGCL), the British Gas subsidiary, is bridging its short-term deficit of gas to the tune of 0.225 standard million cu.m.per day, by purchasing at a premium from the Gujarat State Petroleum Corporation (GSPC). The short-term contract amount would be $ 3.75 per million cu.m., which would constitute a 10 per cent hike from the existing contracted amount of $ 3.4 per million cu.m. between the two companies. This comes in the backdrop of the GSPC pressing GGCL for revision in the contracted rate for the regular supply of gas. The GGCL has been forced to get into an interim arrangement with GSPC as its 10-inch, 23-km pipeline between Ankleshwar and Jagadhia which was to carry 1.27 smcmd of gas from the Lakshmi fields of Cairns Energy is likely to go on stream by the month-end. This would be a full 75 days ahead of August 15, the date on which Cairns Energy has now promised to supply gas to Gujarat Gas which began working on the gas pipeline against the original July deadline for evacuating the Cairns gas.
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