Veerappa Moily writes to Prime minister over gas deal with Reliance
- 5 years ago
With AAP leader Arvind Kejriwal making hike in gas prices a poll issue, Oil Minister M Veerappa Moily has written to Prime Minister Manmohan Singh saying Reliance Industries' (RIL) contract for KG-D6 gas fields cannot be terminated pending arbitration on issue of output lagging targets.
While the contract provides for termination in case of a default by a contractor, the Oil Ministry under S Jaipal Reddy in May 2012 had slapped penalty of USD 1.005 billion on RIL for failing to produce natural gas in line with the pre-stated targets.
RIL disputed the order and initiated arbitration.
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While the contract provides for termination in case of a default by a contractor, the Oil Ministry under S Jaipal Reddy in May 2012 had slapped penalty of USD 1.005 billion on RIL for failing to produce natural gas in line with the pre-stated targets.
RIL disputed the order and initiated arbitration.
For More information on this news visit : http://www.newsx.com/
Connect with us on Social platform at : http://www.facebook.com/newsxonline
Subscribe to our YouTube Channel : http://www.youtube.com/newsxlive