Reliance Industries has reportedly received approval from Supreme Court for arbitration in London in its dispute with the Centre on the Panna-Mukta-Tapti Gas basin. The apex court has quashed the Delhi High Court order by which it had agreed to hear the Centre’s plea against foreign arbitration.
RIL is an oil refining, petrochemicals and upstream (mainly natural gas at present) company. It has two highly complex refineries with combined capacity of 1.24 million barrels per day and domestic proved reserves of 660 million barrel of oil equivalent as at end-March 2013.
