RIL, BP and NIKO issue Notice of Arbitration to Indian Government

Posted by Joseph R. Fonseca
Saturday, May 10, 2014
RIL logo

RIL, BP and NIKO have issued a Notice of Arbitration on May 9, 2014 to the Government of India seeking the implementation of the “Domestic Natural Gas Pricing
Guideline 2014” notified on January 10, 2014.
 
The continuing delay on part of the Government of India in notifying the price in accordance with the approved formula for the Gas to be sold has left the Parties with no other option but to pursue this course of action. Without this clarity, the Parties are unable to sanction planned investments of close to $4 billion this year. In addition, this will also delay the ability of the Parties to appraise and develop other significant discoveries made last year. Overall, the Parties were planning to invest $ 8-10 billion in the next few years to significantly increase production from the KGD6 block. This domestic production is essential for meeting India’s energy needs and will also help conserve foreign exchange which is required for imports of natural gas into India at the present time. All of this requires clarity on pricing.
 
The three Parties shall endeavour to work with the Government to achieve a prompt and efficient resolution of this dispute.

Reliance operates the world's biggest refining complex in western India.

RIL

 

  • BP logo

    BP logo

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Growing American Shipping Bill Introduced by Garamendi

Congressman John Garamendi (D-CA-03), Ranking Member of the House Transportation and Infrastructure’s Coast Guard and Maritime Transportation Subcommittee, informs ot the introduction of  H.

Orica Fined Heavily for Australian Pollution Incidents

Orica Australia Pty Ltd has been convicted and penalised $768,250 in relation to charges brought by the NSW Environment Protection Authority (EPA) for pollution

Canaveral Shipwreck Search Permit Granted to Seafarer's Quest

Research and recovery of historic shipwrecks experts Seafarer Exploration Corporation says that Seafarer's Quest, LLC has successfully been granted a three year

Finance

Asia Dry Bulk Capesize Rates Stay Flat

Rates for capesize bulk carriers on key Asian routes are set to remain in the doldrums next week, staying flat or gaining just a few cents as an oversupply of ships weighs on cargo availability,

ISC Profit Slip in Q2 2014 but Pay Dividend

International Shipholding Corporation (ISC) has announced financial results for the quarter ended June 30, 2014, summarized here: Net Loss he Company reported a net loss of $664,

Hornbeck Offshore Ride High on Q2 2014 Results

Hornbeck Offshore Services, Inc. has announced its financial results for the second quarter ended June 30, 2014.  Following are highlights for this period and excerpts

Energy

First Panels Installed at Australia’s Biggest Solar Plant

The Australian Renewable Energy Agency today celebrated a major milestone with the installation of the first solar panels at AGL’s large-scale solar plant in Nyngan, NSW.

Exxon Mobil Corporation Declares 3Q Dividend

The Board of Directors of Exxon Mobil Corporation yesterday declared a cash dividend of 69 cents per share on the Common Stock, payable on September 10, 2014 to

FortisBC Set to Expand its Tilbury LNG Facility

FortisBC Energy Inc. today selected Bechtel Canada Co. (Bechtel) as the contractor for its Tilbury LNG Facility Expansion Project in Delta, B.C. (Project). The

LNG

DW to Present at Upcoming Floating LNG 2014, Houston

Douglas-Westwood (DW) says that its manager in Houston, Andrew B. Meyers will be joining the speakers on the platform at the upcoming 27th-30th October 2014 'Floating

FortisBC Set to Expand its Tilbury LNG Facility

FortisBC Energy Inc. today selected Bechtel Canada Co. (Bechtel) as the contractor for its Tilbury LNG Facility Expansion Project in Delta, B.C. (Project). The

Growing American Shipping Bill Introduced by Garamendi

Congressman John Garamendi (D-CA-03), Ranking Member of the House Transportation and Infrastructure’s Coast Guard and Maritime Transportation Subcommittee, informs ot the introduction of  H.

News

Quality hat-trick for GAC Marine Logistics

Global ship spares logistics provider GAC Marine Logistics Inc. (GML) has secured ISO certifications in recognition of its Quality Management, Environmental

Hellfire Missile Firing a First for New Navy Helicopters

The Royal Australian Navy’s newest maritime combat helicopter, the MH-60R Seahawk ‘Romeo’, has successfully fired its first ‘Hellfire’ missile in the United States.

BMT Oceanica Wins Major Water Corporation Bid

Marine and coastal environment specialist, BMT Oceanica (BMT), a subsidiary of BMT Group Ltd, is delighted to announce that it has won the bid to provide Ocean

Offshore Energy

Hornbeck Offshore Ride High on Q2 2014 Results

Hornbeck Offshore Services, Inc. has announced its financial results for the second quarter ended June 30, 2014.  Following are highlights for this period and excerpts

DW to Present at Upcoming Floating LNG 2014, Houston

Douglas-Westwood (DW) says that its manager in Houston, Andrew B. Meyers will be joining the speakers on the platform at the upcoming 27th-30th October 2014 'Floating

Crowley Maritime Open Singapore Office

Crowley Maritime Corp. says it has opened a full-service project management and logistics solutions office in Singapore under the leadership of industry veteran William Hill.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Salvage Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1408 sec (7 req/sec)