Reliance suspends gas auction

Reliance Industries Ltd and its partner bp plc on Monday suspended a planned auction for sale of natural gas from their KG-D6 block following changes in gas marketing rules, the firms said in a notice.

E-bidding for sale of 6 million standard cubic meters per day of gas was to happen on January 18.

''It is hereby notified that the current bidding process is suspended till further notice,'' the two firms said in a notice on Monday.

It did not give the reason for the suspension but industry sources said this follows the government bringing out new rules that limit the margin that could be charged on sale of natural gas.