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GAIL wrests 2.3 mmscmd of Essar CBM gas: What happens to Matix Fertilisers?
Feb 19: The fact that GAIL was able to wrest 2.3 mmscmd of CBM gas from Essar Oil and Gas Exploration and Production Ltd's Raniganj field from Marix Fertilizers Ltd , which runs an adjacent ammonia-urea plant, seems to indicate that the plant will have to fall back on GAIL for supply of gas.
8The fertilizer plant is not connected to a pipeline yet.
8Its requirement of gas is around 2.4 mmscmd.
8GAIL's winning bid came for $7.1/mmscmd. The gas is likely to be fed to the new cross-country pipeline that GAIL is building at this moment as the price will turn out to be more economical than pushing in LNG either from the East or the West coast.
8Incidentally, the pricing formula used by Essar for its gas is more or less the same as the one used by Petronet LNG to source its gas from Qatar.
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