An Empowered Group of Ministers (EGoM) headed by Defence Minister A K Antony will soon decide if price of
natural gas produced by
Reliance Industries from
KG-D6 fields can be revised before due date of 2014.
"I have not yet spoken to new EGoM Chairman A K Antony. We would like to call meeting (of the EGoM) as early as possible," Oil Minister S Jaipal Reddy said.
The EGoM was reconstituted last month after its previous head Pranab Mukherjee resigned as Finance Minister to become the President.
Antony previously was not part of the EGoM and has been included after Mukherjee's exit. The Finance Ministry will now be represented by Minister of State for Finance Namo Narain Meena on the EGoM.
Besides Antony and Meena, the EGoM includes Oil Minister S Jaipal Reddy, Power Minister Sushil Kumar Shinde, Fertiliser and Chemicals Minister M K Alagiri, Law and Justice Minister Salman Khurshid and Planning Commission Deputy Chairman Montek Singh Ahluwalia.
RIL has demanded a market price of
KG-D6 gas instead of $4.205 per million British thermal unit rate fixed for five years ending March 31, 2014.
"The EGoM (at its last meeting in February) had directed us to seek an opinion of the Attorney General G E Vahanvati if prices can be revised before the 5-year tenure fixed by the government," an official said.
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