BP Advocates Market Based Gas Price for India

BP Group Chief Executive Bob Dudley has advocated market-based pricing for natural gas in India, according to new agency Press Trust of India (PTI).

"It is one thing to have the right resources below the ground, it is another to have the right conditions above the ground," Dudley said in the city of Gandhinagar on Saturday, PTI reported.

Dudley expected to see continued progress toward a market-based price for natural gas which will help release domestic production, reduce imports and improve trade balance, the news agency reported.

The BP and its Indian partner Reliance have bid for GSPC's liquefied natural gas (LNG) terminal in Gujarat.

"There has been a bid process that GSPC has gone through and we are one of the three shortlisted players and right now we are going through some due diligence," said Sashi Mukundan, head of BP India.

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