Govt of India demands USD 2.81 billion from Reliance Industries, BP and NIKO (NECO) Limited

by Psu Connect
Date: 04-03-25

Government of India: The Ministry of Petroleum and Natural Gas has raised a demand of $2.81 billion on the PSC Contractors namely Reliance Industries Limited, BP Exploration (Alpha) Limited and NIKO (NECO) Limited. The company received a letter of demand at 11:30 a.m. on March 3, 2025.

The Company had won arbitral award issued by an eminent international arbitration panel on July 24, 2018 against the Government of India’s (GOI’s) claim on the KG-D6 Consortium for an amount of approximately US $1.55 billion on account of alleged gas migration from ONGC’s blocks. A single judge of the Hon’ble Delhi High Court, on May 09, 2023, dismissed the GOI’s appeal challenging the arbitral award. GOI had filed an appeal before the Division Bench of the Hon’ble Delhi High Court, RIL mentioned in its regulatory filing.

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