March 29:
NEW DELHI: BP Plc (formerly British Petroleum) and Niko Resources of Canada have become party to Reliance Industries Ltd's arbitration proceedings against the government's decision to levy a $1.8 billion penalty for fall in gas output from the KG-D6 field off the Andhra coast.
The two companies, which are RIL's partners in the field, served separate arbitration notices earlier this week, sources said.
The proposed hike in gas prices, in line with a formula proposed by a panel under PMEAC chairman C Rangarajan, has been put on hold by the Election Commission. But BP and Niko have been forced to take the step to ensure they are not left out in case the decision is implemented after the elections. The government on Friday asked RIL to continue supplies at current prices.
Source: http://timesofindia.indiatimes.com/business/india-business/BP-Niko-join-RIL-in-arbitration-against-govt/articleshow/32879098.cms?
NEW DELHI: BP Plc (formerly British Petroleum) and Niko Resources of Canada have become party to Reliance Industries Ltd's arbitration proceedings against the government's decision to levy a $1.8 billion penalty for fall in gas output from the KG-D6 field off the Andhra coast.
The two companies, which are RIL's partners in the field, served separate arbitration notices earlier this week, sources said.
The proposed hike in gas prices, in line with a formula proposed by a panel under PMEAC chairman C Rangarajan, has been put on hold by the Election Commission. But BP and Niko have been forced to take the step to ensure they are not left out in case the decision is implemented after the elections. The government on Friday asked RIL to continue supplies at current prices.
Source: http://timesofindia.indiatimes.com/business/india-business/BP-Niko-join-RIL-in-arbitration-against-govt/articleshow/32879098.cms?
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