54Election to apply a modified residual pricing method—relevant GTL operations existing before 2 May 2010

54  Election to apply a modified residual pricing method—relevant GTL operations existing before 2 May 2010  (1) The participants in a relevant GTL operation that first processed project sales gas into project liquid before 2 May 2010 may elect to apply a modified form of the residual pricing method.  (a) must be made by all participants in the operation jointly; and  (b) must be in a form approved by the Commissioner; and  (c) is irrevocable.  (3) If an election has been made under this section and one or more new participants are later added to the relevant GTL operation:  (a) the election continues in force for the participants who made it; and  (b) any new participant is also taken to have made the election at the time the new participant is added to the relevant GTL operation. Note: If an election has been made under this section, a number of provisions in this instrument apply or operate differently. The differences include changes to the rules about capital costs (see section 41), and a reduction in the number of phases in an operation (see section 9).