SC reserves verdict on GAILs petition

Written by feBureau | New Delhi | Updated: Sep 6 2013, 05:30am hrs
The Supreme Court on Thursday reserved its verdict on an appeal by GAIL (India) challenging the Gujarat High Court's order that quashed its decision to terminate contract with the state-owned oil and gas exploration company, Gujarat State Petroleum Corp, for providing natural gas imported from Qatar.

The HC had also asked GAIL to engage in a bona fide manner in fixing gas prices with the state PSU from January 1, 2014.

GAIL had entered into a long-term contract for 15 years in 2004 with GSPC to provide natural gas till 2019. And as per the contract, the price renewal for the gas to be provided from January 1, 2014 onwards was to be negotiated by the two parties by December 31, 2011.