 "Centre's penalty on producing gas from ONGC share not sustainable, says RIL")
Reliance Industries on Monday said it was confident that the Union government’s penalty on producing natural gas from ONGC’s share of natural gas in the Krishna-Godavari basin is “not sustainable”.
In November, the government slapped a $1.55-billion penalty on RIL. The company has served an arbitration notice against the penalty.
“The company has already invoked the dispute resolution mechanism in the PSC and issued a notice of arbitration to the government on November 11, 2016. The company remains convinced of being able to fully justify and vindicate its position that the government’s claim is not sustainable,” the company said.
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