31 October, 2020

Gas Masks Mandatory

Jaipal Reddy’s by-the-book approach was hitting Reliance bad. He had to go.

Fotocorp (From Outlook 12 November 2012)
Gas Masks Mandatory
outlookindia.com
-0001-11-30T00:00:00+05:53

The Flashpoints: Six Reasons Why Jaipal Had To Go

  1. Opposed RIL pressure to sharply revise the price of K-G basin gas to over $14 per mmbtu (currently $4.2) ahead of April 2014
  2. Linked investment clearance of K-G basin satellite fields with RIL agreeing to audit by CAG; RIL ready only for financial audit
  3. Served RIL notice to stop around $1 billion cost recovery in view of steep fall in K-G gas output; RIL has sought arbitration
  4. Allowed Cairn to ramp up production at Barmer after making new rule that any more exploration would be at zero risk to govt
  5. Cancelled four gas pipeline projects that were awarded to Reliance-owned company. The reason cited: undue delays.
  6. Reduced petroleum subsidy on LPG and diesel to help out oil firms and exchequer; was facing political pressure to relax the rules

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It was evident from early this year that S. Jaipal Reddy’s days as petroleum minister were numbered. An uneasy atmosphere filled...

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