Reliance Industries on Tuesday told the Supreme Court that it would lose money by selling natural gas at $2.34 per million British Thermal units or mmbtu.
The judges observed the natural gas belongs to the government and all contracts on sharing of gas is subject to the government’s approval. The court also said that it may issue a direction to the two feuding companies, RIL and RNRL, to arrive at a suitable arrangement.
“Gas belongs to the government. Gas is national property”, said a three-judge bench headed by chief justice KG Balakrishnan. The CJI, speaking for the bench, observed: “All contracts are subject to it (government’s ownership concept over gas).”
Source: Economic Times
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The judges observed the natural gas belongs to the government and all contracts on sharing of gas is subject to the government’s approval. The court also said that it may issue a direction to the two feuding companies, RIL and RNRL, to arrive at a suitable arrangement.
“Gas belongs to the government. Gas is national property”, said a three-judge bench headed by chief justice KG Balakrishnan. The CJI, speaking for the bench, observed: “All contracts are subject to it (government’s ownership concept over gas).”
Source: Economic Times
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