India's federal government said Wednesday that the price of natural gas offered to state-run power producer NTPC Ltd. by Reliance Industries Ltd. requires the government's approval under the production sharing contract.
"The central government will take an appropriate decision in the case of NTPC as and when a need arises," Gopal Subramanium, a government lawyer, said in his statement to a three-judge bench of the Supreme Court of India.
The court is hearing a legal dispute between RIL and Reliance Natural Resources Ltd. over the pricing of natural gas from the eastern offshore D6 block in the Krishna Godavari basin.
RIL is also locked in a separate legal battle with NTPC in Bombay High Court. NTPC says it has a right to buy 12 million metric standard cubic metres of gas per day at $2.34 per million metric British thermal units under the terms of a tender floated in 2002-03 and won by RIL.
The wall street journal
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