Sources in the company said bidders want more time to adapt to the new bidding system. Some added RIL may be facing lack of interest from potential bidders.
Business
Standard : Mukesh Ambani-promoted Reliance
Industries (RIL) on Wednesday postponed bidding for gas it plans
to produce from its R-cluster field in the Krishna-Godavari (KG)
basin, said sources. This is the second time RIL has changed the
bidding date; the new date is now November 15.
Sources
in the company said bidders want more time to adapt to the new
bidding system. Some added RIL may be facing lack of interest from
potential bidders.
“There
is a lack of interest from bidders; they are not keen, given the
current set of terms and conditions for the bidding,” said a
source.
An
RIL spokesperson said, “We have got a very good response from
customers. The date has been postponed to accommodate request from
customers for additional time to complete their internal processes
and preparing bid-related documentation.”
Sources
in the company said, “Bidders have requested for more time. They
need to be more conversant with the system.”
RIL,
along with UK partner BP, will be selling 5 million standard cubic
metres a day from its R-cluster field in the KG basin through an
e-auction mechanism. The original date for bidding was set at October
11, which was then moved to November 6. In its investor presentation
for the September 2019-ended quarter, RIL said work on the R-cluster
is on track for first gas in mid-2020.
In
September, Business Standard reported the discovered price through
e-auction, will be capped by a ceiling set by the government every
six months for gas produced from difficult fields. The base price
would be 9 per cent of the average Brent price for three months
preceding the delivery date.
CRISIL
Risk & Infrastructure Solutions is the appointed manager for the
auction, to be conducted on the platform of ProcureTiger, a brand of
Gujarat-based e-Procurement Technologies.
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