Don’t miss the latest developments in business and finance.

BP CEO, Ambani might meet PM on gas policy

To seek clarity on gas policy

Image
Press Trust Of India
Last Updated : Oct 18 2013 | 1:49 AM IST
Facing multiple regulatory challenges, BP Plc chief executive Bob Dudley and Reliance Industries Ltd (RIL) Chairman Mukesh Ambani might meet Prime Minister Manmohan Singh on Friday to seek clarity on gas policy.

Dudley's third visit to India this year comes at a time when the petroleum ministry, at the insistence of the finance ministry, is seeking to deny his company and its partner, RIL, a new gas price, for producing less natural gas than earlier projected.

This punishment is on top of a $1.8-billion penalty already being imposed on them for the same offence. Also, the Directorate General of Hydrocarbons is seeking to strip them of eight gas discoveries holding 1.15 trillion cubic feet of reserves worth $14 billion from their eastern offshore KG-D6 block.

More From This Section

First Published: Oct 18 2013 | 12:14 AM IST

Next Story