BP CEO Dudley advocates free market pricing for India's natural gas

By Marc Castro

Oct 19, 2013 10:27 PM EDT

BP Group CEO Bob Dudley, who is currently in India, formally advocated the use of market based pricing for natural gas in the country.

He said, "It is one thing to have the right resources below the ground, it is another to have the right conditions above ground."

He added, in his remarks on the third convocation of the Pandit Deendayal Petroleum University, "Here in India, we have seen welcome moves for creating investment-friendly conditions enabling legislators to place regulations in the right place and we hope to see more vibrant domestic energy sector evolve. In particular, we hope to see continued progress toward a market-based price for natural gas which will help release domestic production, reduce imports and improve trade balance."

In attendance in the function aside from Dudley was Reliance Industries Chairman Mukesh Ambani and Gujarat Chief Minister Narendra Modi. 

After the event, Dudley told reporters, "Yesterday we had a lot of meetings in Delhi. The minister (of petroleum) will talk about (gas prices). I am here to talk about Gujarat."

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