August 3, 2018 / 6:14 AM / 2 months ago

India to appeal arbitration ruling on Reliance-ONGC dispute

NEW DELHI, Aug 3 (Reuters) - India will appeal against a ruling by an international tribunal in favour of Reliance Industries Ltd and its international partners in a dispute over gas migration from fields operated by state-owned Oil and Natural Gas Corp Ltd.

“We will definitely appeal at the highest forum against the international arbitration order favouring Reliance,” Dharmendra Pradhan, India’s oil minister said on Friday.

Reliance and its partners BP Plc and Niko Resources filed an arbitration notice against the government in November 2016 after the government imposed a $1.55 billion fine on the consortium for selling gas that migrated from state-owned ONGC’s fields in the east coast Krishna-Godavari basin. (Reporting by Nidhi Verma; editing by Richard Pullin)

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