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NEW DELHI, Dec. 10. THE Petroleum Minister, Mr Ram Naik, is set to step in to end the stand-off between Reliance Petroleum Ltd (RPL) and Indian Oil Corporation (IOC) on the implementation of the contract between the two companies in the post administered pricing regime commencing April 1, 2002.
Under a contract signed a couple of years ago, IOC is bound to buy a certain committed amount of RPL's products till 2009.
While IOC has questioned the "tolerance" of the contract, RPL has said that non-payment for the committed offtake would amount to breach of contract. Mr Naik has convened a meeting on Wednesday between the two companies to sort out the problem. …