OilMin focusing on arbitration to resolve disputes

In a bid to adopt a more investor-friendly approach, the Oil Ministry wants conciliation not litigation as the first step to resolve disputes.

Sources in the Directorate General of Hydrocarbons say the Oil Ministry is seeking the opinion of the Law Ministry to streamline arbitration and disputes.

It wants a policy whereby the government will not appeal after losing an award of arbitration.

Oil Ministry also wants the financial limit for overseas arbitration to be hiked to Rs 10 crore from the current Rs 50 lakh.