More than a week after the Bombay high court asked it to supply gas to Anil Ambani Group firm Reliance Natural Resources Ltd at prices lower than the government-approved rates, Reliance Industries Limited said on Thursday it is still evaluating options for future course of action.
RIL president and CEO (Oil and Gas) PMS Prasad, who met petroleum ministry officials to discuss under capacity production from the company's KG basin fields, said: "We have time till July 15 to decide. . . we are still evaluating our options."
He refused to discuss anything further saying: "I am off the press. I cannot comment anything."
The Bombay high court on June 15 ruled that RIL should honour its commitment in the family split agreement to supply gas to RNRL. The terms, as per the memorandum of understanding which split the Dhirubhai Ambani empire in 2005, were to be based on RIL's bid for National Thermal Power Corporation tender.
The price in NTPC tender was $2.34 per million British thermal unit, 44 per cent lower than government approved rates of $4.20 per mmBtu.
The Bombay high court on June 15 given the two companies a month's time to work out firm gas volumes, price, timelines and other commercial details for sourcing the fuel from Krishna-Godavari basin fields.
Pressed for a reply on if RIL would approach Supreme Court against the court order, Prasad said: "I do not know."
Asked if the Ambani brothers had met their mother for a settlement, he said: "I can't say. And why should my boss (Mukesh Ambani) tell me this! I'm just a professional (working for the company)."Prasad also refused comments on Anil Ambani Group firm RNRL writing to RIL two letters seeking talks to suggest a way forward to firm up an agreement.
But RIL responded to one letter only, saying it is still studying the implication of the judgment.
Prasad said RIL can produce 37 million standard cubic metres of gas per day from KG-D6 but was producing only 28 mmscmd as some power and fertiliser companies are not taking their allotted quantities.
His meeting with petroleum secretary R S Pandey on Thursday was in that context.
Sources said RNRL has written a letter to Mukesh Ambani-run RIL seeking time and a date for talks on the agreement.
RNRL has filed a caveat in the Supreme Court to prevent any ex parte order (in the interests of one side only) in case Mukesh Ambani's RIL was to appeal against the Bombay high court ruling.
In the MoU that split Dhirubhai Ambani's business empire, the Mukesh Ambani-run firm had committed to supply 28 million standard cubic metres of gas per day to power plants of the group run by his younger brother for 17 years.
