Reliance Postpones Gas Auction After A Change In Government Rules: Know Why

Reliance postpones gas auction after a change in government rules, know what is the matter.

Reliance Industries Limited and its subsidiary BP Plc on Monday postponed the planned auction of natural gas coming out of the KG-D6 block.

The company’s decision comes at a time when the government recently changed marketing rules to limit margins.

A notice issued by Reliance and BP said that the gas auction is postponed indefinitely. Bids were to be placed for 6 million standard cubic meters of gas in this auction.

The auction was first held on January 18 by the company, but was later postponed to January 19 and then to January 24.

Reliance postpones gas auction: This change happened in the rules.

New rules for the sale and resale of gas produced from gas fields in the deep sea, ultra-deepwater, and high pressure-high temperature areas with marketing and pricing freedom were issued by the Ministry of Petroleum and Natural Gas on 13 January.

According to this, now the companies bidding for gas will have to tell whether they are buying gas as a consumer or as a trader.

At the same time, if gas is resold on behalf of someone after the auction, then resale has been allowed with a maximum trading margin of Rs 200 per thousand cubic meters.

Reliance-BP investing five billion in KG-D6.

Reliance has discovered 19 gas reserves in the KG-D6 block. D-1 and D-3 are the largest among them.

Reliance Industries is investing $5 billion in three clusters (R Cluster, Satellite Cluster, and MJ) of BP’s KG-D6 block. It is expected that by 2023 it will be able to meet 15 percent of India’s total gas demand.

Impact of the boom in the Indian economy, companies will increase salary at a faster rate in 2023 than last year: Survey.

The impact of the ongoing boom in the Indian economy will be seen in the salaries of people working in private companies in the country in 2023.

A survey conducted by a private company has claimed that in 2023, Indian companies can increase the average salary of employees at the rate of 9.8 percent, which is more than the average increase of 9.4 percent in 2022.

Korn Ferry’s latest India Compensation Survey reveals that companies are offering several talent management initiatives and compensation plans to retain the best talent.

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