GREY:NKRSF - Post by User
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Bigwhiskeyon Apr 13, 2015 6:54pm
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No arbitration over RIL gas price KG-D6
No arbitration over RIL gas price KG-D6
No arbitration over RIL gas price: Centre
Supreme Court to hear both parties on May 1
The government on Monday filed an affidavit in the Supreme Court, stating its differences with Reliance Industries over pricing of natural gas from the company’s KG-D6 block were not open to arbitration.
Government guidelines issued in October 2014 ruled out arbitration over pricing of natural gas produced in India, the affidavit stated, and, therefore, Reliance Industries’ plea for appointing an umpire for the arbitrators’ panel in this dispute be rejected.
A Bench headed by Ranjan Gogoi set the date of hearing both parties on May 1 and asked them to file their statements before that. The case will be heard in detail then.
Another set of arbitration cases are slated for hearing on Wednesday by a Bench headed by Dipak Misra. In the case related to the Panna-Mukta-Tapti oil and gas fields, the government has sought a change in the foreign arbitratorappointed by Reliance Industries, alleging he is not competent to hold the post.
Reliance Industries and its partners are pursuing four arbitration cases with the government, of which two are related to the KG-D6 block over cost recovery and market pricing.