RIL, BP on way to end dispute with government
Reliance Industries (RIL) and joint venture partner BP Plc are moving towards ending their dispute with the government on gas pricing, but are yet to officially approve the proposal for it, industry sources said. RIL and BP declined to comment on the matter. RIL, BP and their partner Canada´s Niko Resources are contemplating pulling out of the arbitration against the government as the government´s policy changes announced in March requires them to drop the case if they want to accept the higher gas prices being offered. On April 13, EThad reported that RIL, BP and Niko have formally started the process of developing their deep sea fields, which industry executives say signals their intention to withdraw arbitration against the government a necessary condition if they want to charge market price for natural gas.