Reliance, BP said to seek withdrawal from India gas arbitration

Mumbai/New Delhi: Reliance Industries Ltd and BP Plc are seeking to end their disputes with the Indian government over an offshore natural gas block, one requirement for the companies before they can take advantage of new pricing policies, according to people familiar with the development.

The two explorers and a third partner, Canada’s Niko Resources Ltd., are preparing to withdraw from arbitration proceedings against Prime Minister Narendra Modi’s government by December, said two of the people, who asked not to be identified as the information isn’t public. The three partners will need the approvals of their respective boards before withdrawing arbitration, the people said.

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