indian government slaps 579m penalty on indias reliance
Last Updated : GMT 15:30:33
Arab Today, arab today
Arab Today, arab today

Indian government slaps $579m penalty on India's Reliance

Arab Today, arab today

Arab Today, arab today Indian government slaps $579m penalty on India's Reliance

Engineers welding carbon steel pipes
New Delhi - AFP

The Indian government has announced a new penalty of $579 million on the country's largest private company, Reliance Industries, for failing to meet commitments to supply gas for the fourth year in a row.
Oil Minister Dharmendra Pradhan told parliament on Monday that Reliance supplied only 9.77 million standard cubic meters per day of gas from its KG-D6 gas field in the Bay of Bengal last year, a fraction of its target of 80 million.
Under the terms of the contract, Reliance can deduct all of its capital and operating expenses before sharing profits with the government.
The penalty reduces the amount of expenses Reliance can deduct by $579 million, with total fines of this kind now totalling $2.4 billion since 2010, the minister was quoted as saying by the Press Trust of India (PTI) news agency.
In a written reply to parliament, quoted by PTI, the Minister said Reliance "has failed to adhere to the approved field development plan in terms of drilling and putting on stream the required number of wells."
The dispute over supplies from KG-D6 is currently under arbitration, with Reliance and its British and Canadian partners BP and Niko Resources, still hopeful of a more favourable settlement.
After the penalty for the 2013/14 financial year to March 31, the government would collect additional revenues of $195 million, Pradhan said.
The new right-wing government of Narendra Modi, who was heavily backed by billionaire Reliance chairman Mukesh Ambani and his brother Anil, has apparently shown no public favours to the group so far.
It announced a further review late last month of a promise by the previous government to nearly double the price that Reliance can sell its gas from the KG-D6 basin.
In the current financial year, daily output from the basin off India's east coast has fallen further to 8.05 million standard cubic meters, the minister said.
In 2011, BP paid $7.2 billion to acquire a 30 percent stake in 21 of Reliance's oil and gas fields.
Reliance hoped then that BP's deepwater drilling expertise would give the Indian giant the skills to develop hard-to-exploit reserves and find more oil.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

indian government slaps 579m penalty on indias reliance indian government slaps 579m penalty on indias reliance

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

indian government slaps 579m penalty on indias reliance indian government slaps 579m penalty on indias reliance

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 00:54 2017 Monday ,20 November

Mideast in danger as London explores

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday