RIL has opened weak in this morning's trades on the news that the government has asked the company to cut its gas output to clear imported stocks. The petrochemical giant is trading at Rs 1009, weaker by 1%, on the BSE. The stock had opened at Rs 1000, which was also the day's low, and has touched a high of Rs 1014 thus far.
Power and fertiliser plants prefer using KG-D6 gas as feedstock as Reliance offers better commercial terms.
Sources said just before Reliance was to begin gas output from KG-D6 a year ago, the ministry made key power and fertiliser plants to enter into a 10-year agreement to buy expensive LNG from Petronet on a take-or-pay commitment (take gas or pay for it).
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