Tapping growth potential in the Indian hydrocarbon value chain

Tapping growth potential in the Indian hydrocarbon value chain

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1 Pg.6 Energy demand scenario in India: an overview Pg.1 India s midstream oil and gas sector 2 Pg.8 India s upstream oil and gas sector Contents Pg.18 India s downstream oil and gas sector

Energy demand scenario in India: an overview Energy demand scenario in India: an overview India is one of the world s largest energy consumers, but its per capita energy consumption is significantly lower than the global average, which indicates significant growth potential. India is one of the largest energy consumers in the world, but its per capita energy consumption 5 kg of oil equivalent (kgoe) is significantly lower than the global average (1,8 kgoe), which indicates the growth potential of energy demand in the country 1. According to the International Energy Agency, India will need investments worth nearly US$6 billion over 211 2 across various segments of its hydrocarbon chain to increase its energy supply and improve the infrastructure to enable this. 2 This provides ample opportunities for companies across the hydrocarbon value chain. India had one of the highest growth rates in oil and gas consumption in the world, growing at a compound annual growth rate (CAGR) of 6.5% over 25 29 to reach 195.2 million tons (MT) of oil equivalent (MTOE). As is evident from Exhibit 2, while oil and gas consumption in some of the major economies decreased due to the recession, it was on the rise in India. Over the last few years, the growth rate of the country s gross domestic product (GDP) has been one of the highest in the world. Although the recent financial crisis resulted in a slowdown in its industrial activities, India s real GDP is expected to grow by 9.2% in FY11 and 8.8% in FY12. This is likely to result in a rise in energy consumption and an increased need for investments in the energy industry. Coal, oil and natural gas are the major sources of primary energy in India, with coal accounting for the highest share of its primary energy mix (52.%). Oil and natural gas account for 1.7% and 1%, respectively, of the country s primary energy consumption. The share of Exhibit 1. Primary energy mix, 29 India Nuclear 1% Coal 52% Hydroelectric 5% Oil 2% oil in India s primary energy mix is at par with the global average. However, that of natural gas is significantly lower than the global average due to supply-side constraints. In coming years, the share of gas is expected to increase due to the rise in gas supplies. Global Nuclear 5% Coal 29% Hydroelectric 7% Oil 5% Exhibit 2. Growth in oil and gas consumption 1 Year-on-year growth (%) 5-5 -1 25 26 27 28 29 India China Japan Germany US World Source: BP Statistical Review of World Energy June 21 Natural gas 1% Source: BP Statistical Review of World Energy June 21 Natural gas 2% 1 India: Addressing Energy security and climate change, Ministry of environment and forests, Government of India, October 27 2 Addressing The Challenge Of Energy Security, Asian Development Bank website, http://www.adb.org/, accessed on April 15, 211 Real GDP to grow by 8.8% in 211-12, 9.2% in 21-11, CMIE website, www.cmie.com, 1 February 211 6 7

India s upstream oil and gas sector 2India s upstream oil and gas sector India s efforts to reduce the demandsupply gap in oil and gas provide significant opportunities in the upstream segment. A. Brief overview Growing dependence on imported crude India s crude oil consumption has increased exponentially over the past few years. On the other hand, the country s crude oil production continued to be stagnant, resulting in its increased dependence on crude oil imports. The country produced.7 MT of crude oil in FY1, as compared to MT in FY7. Fueled by strong economic growth, the demand for oil has outpaced domestic production, resulting in an increased dependence on imports. In FY9, commissioning of Reliance Industries (RIL s) export-oriented Jamnagar refinery resulted in increased oil imports. India s crude oil imports, as a percentage of its consumption, increased steadily from 79% in FY7 to 85% in FY1. The country s oil production is expected to rise in the short term, since the production at Cairn Energy s Barmer block in Rajasthan is projected to increase substantially. However, despite this estimated rise in domestic production, the demand for oil is likely to still outpace production, resulting in continued dependence on imported crude oil. Exhibit. Demand-supply scenario of crude oil in million tons 2 15 1 5 11 151 157 85 187 17 81 79 FY7 FY8 FY9 FY1 FY11* Consumption Production Imports as a % of consumption Source: Ministry of Petroleum and Natural Gas and Petroleum Planning Analysis Cell *Only till February 211 Exhibit. Natural gas demand-supply scenario mmscmd 25 2 15 1 5 162 179 197 87 89 75 9 8 57 85 226 8 262 27 2 6 25 86 8 82 8 78 76 7 Imports as a % of consumption 1 11 15 6 FY7 FY8 FY9 FY1 FY11* Demand LNG Domestic production Shortfall Source: Ministry of Petroleum and Natural Gas and Petroleum Planning analysis cell *Production and LNG supplies are only till February 211 Rising natural gas production bridging the demand-supply gap There is a supply-demand imbalance in India s gas market as domestic production levels are not adequate to meet the current demand. Natural gas production was stagnant till FY9, which resulted in an increased dependence on liquefied natural gas (LNG) imports. In FY1, the domestic gas industry received a significant impetus after Reliance Industries began production at its KG-D6 field. India produced around 1.2 million metric standard cubic meters per day (mmscmd) of natural gas, as compared to nearly 9 mmscmd in FY9, a yearon-year (y-o-y) increase of around 5%. During the same period, the shortfall in natural gas supplies came down from 75 mmscmd to 6 mmscmd. Gas production in FY11 (till February) was 11 mmscmd, and 25 mmscmd of LNG was imported by the country. 8 9

India s upstream oil and gas sector B. Opportunities i. Unexplored sedimentary basins offer significant scope for exploration and development India has significant potential to discover new oil and gas reserves, since the bulk of its sedimentary area is largely unexplored or inadequately explored. At the end of FY1, exploration had only been initiated in % of the sedimentary basins; 22% of the basins were poorly explored and 12% was unexplored. Additionally, India offers a definite advantage in terms of finding and development costs, which are among the lowest in the world. This is primarily because exploration in the country is typically carried out in relatively softer and shallow rock formations, as compared to that in various other global locations, which are composed of cretaceous, harder and deeper rock. 5 In addition, the Government provides a level playing field for foreign and domestic companies and extends various fiscal incentives under the New Exploration Licensing Policy (NELP) in order to step up domestic production. Two important discoveries made by Cairn Energy and Reliance Industries in the last decade unlocked a wide range of opportunities in India s upstream segment. In 2, Cairn Energy discovered oil reserves in Rajasthan, recording one of the largest onshore oil discoveries in the country; in 22, Reliance Industries made a significant natural gas discovery in the KG-D6 fields. On 21 February 211, Reliance Industries and BP plc. signed a deal to collaborate across the oil and gas value chain in India. BP will give RIL US$7.2 billion for a % stake in 2 production-sharing contracts that include RIL s KG D6 block. In addition, the companies will form a joint venture (JV) to source and market natural gas in India. This is one of the largest foreign direct investments (FDIs) in India till date, which showcases the potential of the Indian upstream industry. 6 ii. Rising demand for oilfield services and equipment The nine rounds of NELP auctions have resulted in increased investment and also seen the growing participation of private players in the county s upstream sector. However, acute shortage of oilfield equipment has hindered growth in the upstream segment. As a result, out of the US$2.7 billion worth of investments committed in the initial seven NELP rounds, only US$7.2 billion has been spent so far. 7 Investments made during NELP IX are likely to exceed the US$1.1 billion investment committed in NELP VIII. 8 The pending exploratory programs of the previous NELP rounds and fresh commitments made in new NELP rounds will require the outlay of significant exploration and development infrastructure, e.g., constructing process platforms, laying pipelines and building collecting stations and other surface facilities to transport oil and gas from the wells to delivery points. This is a significant opportunity for engineering procurement construction (EPC) companies. The Government offered blocks during the ninth round of NELP in October 21. As more blocks are explored, the demand for 2D/D seismic surveys and other geoscientific surveys is also expected to increase. The demand for other infrastructure including drilling rigs, offshore support vessels, tubular goods, pipelines, storage tanks and production platforms is also expected to grow. Furthermore, the increase in exploratory activities is expected to affect the country s market for rigs. India is one of the countries that uses the highest number of rotary rigs worldwide, but the shortfall of rigs in the country is a serious problem. The absence of un-contracted rigs in the Indian Ocean and idle rigs in some parts of the world may navigate the movement of rigs closer to Indian shores, which should result in the offshore rig count in India increasing in the near term. 9 The number of exploratory and development wells drilled in India rose steadily to 28 in FY1 from 1 in FY6. The number is likely to increase over the next few years. The number of rotary rigs used to drill oil and gas in the country is among the highest in the world. In March 211, 11 rigs (9.85%) were deployed in India out of the 1,17 operational rotary rigs in the world. DGH 29-1 Annual report 5 India oil and gas Macquarie Equities Research, 17 June 21, via Thomson Research 6 Reliance Industries Limited and BP to participate across the gas value chain in India, BP press release, www.bp.com, 21 February 211 9 India Oil and Gas, Macquarie Equities Research, June 21, via Thomson Research 7 India oil and gas Macquarie Equities Research, 17 June 21, via Thomson Research 8 Global energy giants stay away from NELP IX, The Hindu, 29 March 211, via Dow Jones Factiva, 211 Kasturi & Sons Ltd 1 11

India s upstream oil and gas sector iii. Development of shale gas and coal bed methane The opportunity to explore and develop unconventional energy sources, such as shale gas and coal bed methane (CBM), in India are available to both foreign and domestic players. It is estimated that there are significant shale gas reserves in the Cambay, Damodar, Krishna Godavari and Cauvery basins. According to industry estimates, Damodar and Cambay basins have preliminary shale gas reserves of between 5 and 9 trillion cubic feet. However, additional and extensive studies need to be carried out to gauge the true extent of the country s shale reserves. India signed an agreement with the US in 21 for cooperation on the former s research on shale gas reserves. Although current NELP rounds do not cover shale gas resources, bidding on shale gas is expected to commence toward the end of 211. 1 This will provide opportunities for companies with experience in technical assessment of shale reserves and those with technology to reduce development and production costs. 11 India has the world s fourth-largest proven coal reserves. The country has significant potential for exploration and production of CBM. Currently, exploration has only begun in 52% of the 26, square kilometers of sedimentary area. 12 Many companies, including ONGC, Essar Oil and Great Eastern Energy Corporation Limited (GEECL), have committed substantial investments on CBM exploration and production over the next few years. India has prognosticated CBM reserves of nearly 161 TCF. The bulk of these reserves are located in Jharkhand, Chhattisgarh, Orissa and Madhya Pradesh although most of these regions do not have natural gas pipeline connectivity at present. Commercial production of CBM is expected to provide an impetus for the local economy of these regions. Furthermore, production of CBM will help to reduce green house gases and earn carbon credits, since it prevents methane from operating mines from escaping into the atmosphere. Moreover, extraction of methane helps to increase coal production and ensure safe operating conditions in such mines by keeping methane levels low. 1 iv. Heightened focus on enhanced oil recovery (EOR)/improved oil recovery (IOR) projects Crude production in India increased after Cairn Energy ramped-up production from its Barmer fields last year. However, majority of India s producing basins have begun to mature with their production either peaking or beginning to decline. For instance, production from onshore blocks in Gujarat steadily declined to 5.9 MT in FY1 from 6.2 MT in FY6 1 Gujarat accounts for around 2% of India s total oil production. Production is also declining in other regions, particularly in the North East. Therefore, the deployment of EOR/ IOR techniques has become crucial for arresting a decline in production and extending the economic life of a field. This provides opportunities for companies specializing in deploying secondary and tertiary forms of oil recovery procedures. For instance, ONGC is investing in IOR projects to offset the decline in production levels in its maturing fields. 15 The company invested INR1 billion (US$.7 billion) in IOR/EOR projects In 2-1. 16 This has enabled it to improve the recovery factor in its 15 major fields to.5% in FY1 from 27.5% in FY1. 17 1 First round of shale gas bids by end-211, Business Line, 19 October 21, via Dow Jones Factiva, The Hindu Business Line. 11 India, U.S. to cooperate on clean energy, shale gas, Reuters, 8 November 21, via Dow Jones Factiva, 21 Reuters Limited. 12 ONGC starts ouput of CBM in Jharkhand, Financial Chronicle, 1 January 211, 1 via Dow Jones Factiva, Copyright 211. Deccan Chronicle Holdings Ltd. 1 CBM, DGH website, http://www.dghindia.org/, accessed April 19, 211. 1 Basic Statistics On Indian Petroleum & Natural Gas, 29-1, Ministry of Petroleum and Natural Gas, Government of India 15 INTERVIEW: ONGC director says maintaining current output a challenge, NewsWire18, 18 November 29, via Dow Jones Factiva, 29 NewsWire18 Ltd. 16 ONGC to invest Rs 5, cr in oil, gas fields, The Press Trust of India Limited, 1 October 29, via Dow Jones Factiva, 29 Asia Pulse Pty Limited. 17 ONGC AGM approves aggregate dividend of Rs per share for FY 1, ONGC Videsh Limited Press release, http://www. ongcindia.com/, 2 September 21. 12 1

India s midstream oil and gas sector India s midstream oil and gas sector 18 Basic Statistics On Indian Petroleum & Natural Gas, Ministry of Petroleum and Natural Gas, Government of India, 29-1. 19 Gas pipeline networks in India, Petroleum Planning Analysis Cell The need for additional gas supplies calls for more LNG re-gasification and transmission capacity. A. Brief overview At the end of FY1, India had a network of 19,1 km of crude and product pipelines with a capacity of around 16 million tons per annum (MMTPA). Indian Oil Corporation (IOCL) holds the majority share of the transport pipelines and the rest is held by other government-owned petroleum companies such as OIL India, ONGC, BPCL and HPCL. 18 The country currently has a natural gas transmission network of about 11, km, with GAIL accounting for nearly 8, km of this network. The remaining network belongs to Reliance Gas Transportation Infrastructure Limited (RGTIL), Gujarat State Petronet Limited (GSPL), Assam Gas Company and OIL India. 19 While India s crude and product pipeline capacity is reasonably adequate, it has inadequate gas pipeline infrastructure. The country has a very low pipeline penetration as compared to the rest of the world. India currently has three LNG regasification terminals, out of which one each at Dahej and Hazira are operational. The Dahej LNG terminal has a capacity of 1 MMTPA and Hazira a capacity of.7 MMTPA. The third terminal at Dabhol, with a capacity of 5 MMTPA, is expected to be operational by the end of 211. In addition, new LNG terminals are planned in Kochi, Ennore and Mundra. Although LNG imports have increased over the years, its share in total gas supplies has decreased. This is mainly due to the increase in domestic gas production and transmission capacity constraints. However, this trend is likely to reverse over the long term due to increased domestic demand and the inability of domestic production to satisfy the demand. Exhibit 5. Trend of LNG imports mmscmd 5 25 2 15 1 5 2 27 27 26 2 6 22 FY7 FY8 FY9 FY1 FY11* LNG imports Source: Petroleum Planning analysis cell *Only till February 211 B. Opportunities i. Expansion of LNG capacity Over the next few years, domestic gas supplies are expected to increase significantly due to additional supplies from the KG-D6 field and ONGC and Gujarat State Petroleum s new gasfields. However, demand is expected to grow in the country at a much higher rate, since major consumers such as fertilizer units and power plants are switching to natural gas from naphtha. As a result, the demand for LNG is expected to remain high, which is likely to lead to capacity augmentation of existing LNG terminals as well as commissioning of new ones. LNG supplies are estimated to account for around 26% of the total demand for natural gas by FY2. The expansion of existing LNG terminals and commissioning of new terminals LNG imports as a % of domestic supplies 25 16 25 2 15 1 5 LNG imports as a % of domestic supplies at Kochi, Ennore, Mundra and Dabhol are expected to result in an increase in supply. Despite the increase in LNG re-gasification capacity in the country, it may continue to witness a shortage of natural gas. According to industry estimates, India is expected to face shortage of gas of 1 1 mmscmd by FY2, which is more than current domestic production levels. This shortfall can be met by setting up additional LNG terminals or transnational pipelines. In the current scenario, LNG terminals are more attractive as geopolitical factors, and disagreements on gas pricing may discourage investments in transnational pipelines. Therefore, ramping up additional LNG capacities may be a long-term solution for increasing gas supplies in India. Furthermore, the increase in LNG re-gassification capacity is expected to create opportunities for companies operating LNG terminals and providing EPC services. Petronet LNG currently operates an LNG regasification terminal at Dahej. It began operations in FY6 with an initial capacity of 5 MMTPA, which was expanded to a capacity of 1 MMTPA in FY1. The scarcity of domestic gas supplies has helped the company to increase its throughput from.9 MMTPA in FY6 to 8.7 MMTPA in FY11. It plans to begin operations at its Kochi terminal in FY12. Consequently, it is expected to have a cumulative regasification capacity of 15 MMTPA by FY1. 1 15

India s midstream oil and gas sector ii. Need for robust pipeline infrastructure Some of the main drivers of the Indian natural gas market include pricing, pipeline infrastructure, regulatory reforms and customer demand. Gas prices in India are gradually shifting from government-controlled administered prices toward a marketdetermined pricing mechanism. The Petroleum and Natural Gas Regulatory Board (PNGRB) is in the process of strengthening the country s regulatory framework. There has also been an evident shift of major consumers to the natural gas market. Therefore, there is an urgent need to improve pipeline infrastructure in the country. India has a limited gas transmission network, primarily due to a shortage in the availability of gas supplies and the regional concentration of gas sources (in the western region). However, the supply situation is changing with increasing gas production on the eastern coast as well as an increase in LNG capacity. While total natural gas supplies are likely to increase to 1 mmscmd in FY2 from 166 mmscmd in FY1, the demand is likely to increase to 5 mmscmd in FY2 from 225 mmscmd in FY1. 2 The PNGRB is inviting bids for laying transmission pipelines across the country to link the supply centers to the major demand centers. The Board invited an expression of interest (EoI) for laying two pipelines in December 21. Bids were invited for a pipeline from Chennai to Nellore and another from Kakinada to Visakhapatnam and Srikakulam. 21 Companies such as GAIL and RGTIL are also planning aggressive pipeline capacity additions. 22 Major investments in this segment will provide ample opportunities for gas transmission, EPC and pipeline-manufacturing companies. GAIL was the first company to lay a cross-country pipeline in India. It currently has a pipeline network of nearly 8, km with a transmission capacity of 157 mmscmd. The country s longest pipeline Hazira-Vijaipur-Jagdhishpur is operating at 1% capacity and is therefore unable to handle additional gas supplies. Over the next few years, GAIL plans to significantly increase its investments to increase its transmission capacity. In October 21, a GSPL-led consortium won the rights for laying two cross-country pipelines, which are yet to be awarded. The consortium, comprising GSPL, IOCL, BPCL and HPCL, won the pipeline project, which included the Mallavaram-Bhilwara project and the Mehsana-Bhatinda project. iii. Setting up of strategic crude oil reserves and petroleum product storage infrastructure Oil-refining companies maintain a crude oil inventory of around two weeks. However, this is only for operational purposes and cannot be classified as strategic reserves. India plans to construct strategic crude storage reserves of around 15 MT to protect against possible disruption of supplies. Three underground storage reserves, with a cumulative capacity of 5. MT, are being constructed during the first phase. Indian Strategic Petroleum Reserves Limited (ISPRL) is constructing the reserves at Visakhapatnam (1. MT), Mangalore (1.5 MT) and Padur (2.5 MT). This will be sufficient to meet the country s oil requirements for around 1 days. 2 However, this storage capacity is small compared to global standards. For instance, strategic petroleum reserves in the US have a 9-day stockpile. Furthermore, the recent upheavals in the Middle East have again highlighted the importance of having sufficient crude oil storages. The Government is open to the idea of setting up secondary storage infrastructure in addition to that maintained by the refining companies. These can be constructed by using public private partnership (PPP) mode. 2 This will provide opportunities for EPC contractors, oil traders and financing companies. 2 Report of Working Group on Petroleum & Natural Gas Sector for the XI Plan, Ministry of Petroleum & Natural Gas and Exploring opportunities growth potential in the Indian natural gas market, Ernst & Young, October 21, via GRAD. 21 PNGRB INVITES BIDS FOR GAS PIPELINE, India Business Insights, 29 December 21, via Dow Jones Factiva, 21 21 Informatics (India) Ltd. 2 India to have strategic oil reserve by October 211, The Press Trust of India, 15 April 21, via Dow Jones Factiva, 21 Asia Pulse Pty Limited. 2 Report of the working group on petroleum and natural gas sector for the XI plan, Ministry of Petroleum and Natural Gas, November 26. 22 GAIL gas tariffs set to rise %, DNA India, 21 April 21, via Dow Jones Factiva, 21 Diligent Media Corporation Limited. 16 17

India s downstream oil and gas sector India s downstream oil and gas sector Growth opportunities exist in oil refining and gas distribution. Exhibit 6. Crude processing of refineries and net export of petroleum products in million tons 2 15 1 5 187 17 11 151 157 2 18 11 12 1 1 6 1 16 18 2 5 FY7 FY8 FY9 FY1 FY11* Crude processing Net exports Exports as a % of processing 25 2 15 Exports as a % of processing Source: Petroleum Planning Analysis Cell *Only till February 211 A. Brief overview At the end of FY1, there were 2 crude oil refineries operating in India, with an installed refining capacity of 185. MMTPA. Over the past few years, private players have gained in importance in the country s oil-refining sector. Private companies operate three of the refineries mentioned above and have a total installed refining capacity of 72. MMTPA. The remaining 17 refineries, with a refining capacity of 11 MMTPA, are run by state-owned oil refiners. The bulk of the output from PSU refineries is sold in the domestic market and that of private companies is largely exported. In FY1, consumption of petroleum products amounted to 17.8 MMTPA. 25 Currently, India has a surplus refining capacity and is a net exporter of petroleum products. Its net exports of petroleum products, as a percentage of the crude processing capacity of its refineries, increased to around 2% in FY1 from 11.% in FY7. Petroleum exports are a major source of foreign exchange for the Government and amounted to more than INR1,12 billion (US$2. billion) in FY1. The Government is promoting India as a global refining hub. The country offers advantages such as low refinery construction and operating costs and the Government s relaxation of FDI limits is likely to improve investor sentiments in the segment. Moreover, many refineries in developed countries are likely to shut down over the next few years due to environmental pressures they are old and inefficient, which makes it economically unviable to upgrade them. 26 Refining companies in India are aggressively increasing their refining capacity by upgrading their existing facilities and building new grass-root refineries to exploit these opportunities. The upgraded refineries will be able to produce Euro IV- and Euro V-compliant fuels, which can be exported to developed markets in the US and Europe. These refinery projects provide opportunities for EPC contractors and refinery equipment providers. City gas distribution (CGD) was first introduced in Delhi and Mumbai, primarily to reduce air pollution. The success of these projects prompted the Government to promote CGD in other parts of the country. Currently, 1 cities in India are under CGD coverage. Its share in India s total gas consumption increased from % in FY6 to nearly 8% in FY1. 25 Consumption of petroleum products PPAC, accessed on 28 April 211. 26 Europe s oil refining set to shrink, Reuters, March 29, via Dow Jones Factiva, 29 Reuters Limited. 18 19

India s downstream oil and gas sector Since 29, the PNGRB has concluded three rounds of CGD bidding. Bids for eight geographical areas, Asansol- Durgapur (West Bengal), Bhavnagar, Gandhidham-Anjar, Bhuj-Mundra, Jamnagar (Gujarat), Ludhiana, Jalandhar (Punjab) and Panipat (Haryana) were invited in the third round, which ended in February 211. In the fourth round, which is expected soon, bids will be invited for setting up a CGD network in Ernakulam (Kerala); Rangareddy, Medak, Nalgonda and Khammam (Andhra Pradesh); Alibag/Pen, Lonavla/ Khopoli (Maharashtra); Guna (Madhya Pradesh) and Shahjahanpur (Uttar Pradesh). 27 Increasing availability of gas, transmission capacity and environmental concerns are driving CGD projects and the use of compressed natural gas (CNG) as a transportation fuel. The Government is also promoting the supply of piped natural gas (PNG), which will help to reduce the subsidy burden imposed on domestic LPG. The regulator plans to increase CGD coverage from the 1 cities at present to 25 cities by 22. 28 Private companies, as well as PSUs, plan to develop CGD projects that are likely to be implemented in cities, which are located across the transmission pipeline network. Therefore, this industry offers attractive growth opportunities to contractors, distribution pipeline manufacturers, CNG kit suppliers and cylinder manufacturers. The industry is also expected to become a high employment generator and create opportunities to train manpower and upgrade skills suitable for this sector. Exhibit 7. Gas consumption trend in CGD mmscmd 1 12 1 8 6 2 1 1 1 8 FY6 FY7 FY8 FY9 FY1 Consumption % share in India's total gas consumption 9 8 7 6 5 2 1 % share in India's total gas consumption Source: Ministry of Petroleum and Natural Gas 27 PNGRB not to slow down city gas distribution bidding, Business Standard, 15 February 211, via Dow Jones Factiva, 211 Business Standard Ltd. 28 PNGRB 29-1 Annual Report 2 21

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