After Reliance Industries wins $1.55 bn claim case against govt, authorities scramble for solution
The panel headed by Singapore-based arbitrator Lawrence Boo rejected the government’s demand that Reliance and its partners BP plc of UK and Canada’s Niko Resources pay for “unfairly” producing natural gas belonging to state-owned ONGC. All the contentions of the RIL-led consortium were upheld by the majority with a finding that the RIL-led consortium was entitled to produce all gas from its contract area.
A day after the government lost $1.55 billion gas migration case to Reliance Industries Ltd (RIL) and its partners, petroleum ministry sources said that the government will take appropriate action. Image source: Reuters