21 September 2012

Matix Fertilisers approaches Petroleum Ministry to get gas allocation

Matix Fertilisers and Chemicals Limited, promoted by Kanodia family of the Datamatics Group, has approached Petroleum Ministry once again to clear its application of gas allocation. The company applied earlier to get gas allocation from Essar Oil's Raniganj block on long term basis. The group is investing Rs 5000 crores to set up a 1.3 MTPA single stream plant.

The company informed the media that the project is already 70% completed and Commission is fixed for mid-2013.

The petroleum ministry is still trying to figure out how to deal with the fact that the gas sale transaction between Matix and Essar is not an arms-length transaction on account of the fact that the two are affiliate companies.

But the issue is getting resolved as the ministry is trying to find a way to allocate the gas to Matix on a short term basis.

Stay tuned to Fertilizer News Blog for more news on Matix Fertilisers  !

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