Reliance wins $1.55-bln arbitration against India

NEW DELHI, August 1, 2018 – An international tribunal has ruled against the government of India in a case brought by Reliance Industries and partners BP and Niko Resources, local and international media reported on Wednesday.

In November 2016, India fined the partners USD 1.55 billion for allegedly extracting gas belonging to state firm ONGC. According to the government, the Reliance-led group had extracted up to 11.1 bcm (392 bcf) of natural gas that had migrated from ONGC’s blocks in the Krishna Godavari Basin in the Bay of Bengal to the nearby Block KG-D6 held by the three companies.

In addition to rejecting the NOC’s claims, a three-member panel presided by Singapore-based arbitrator Lawrence Boo ruled that India owes Reliance and its partners USD 8.3 million in compensation, the Times of India reported.

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