Reliance Industries Ltd. and BP Plc will withdraw the arbitration against the government on the pricing of gas from the D6 block of the Krishna-Godavari basin.
The withdrawal is a requirement for the companies to receive higher gas prices available through a government policy revision in March to encourage development of deepwater fields.
“Yes. The ‘gas price’ arbitration has already been withdrawn,” BP spokesperson told BloombergQuint in an email. RIL hasn’t yet responded to BloombergQuint’s query. The Economic Times newspaper first reported the news earlier on Friday. Read More…
Credit By: Bloomberg Quint
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