Business Standard

Amid legal battle, ONGC takes over physical control of PMT from RIL & Shell

The government had approached the Delhi High Court seeking to block RIL's stake sale plans

ongc, oil, oil field, natural gas, gas
Premium

Shine Jacob New Delhi
With cloud over the $4.5-billion claim by the government towards profit and royalty from the Panna, Mukta and Tapti (PMT) fields, state-run Oil and Natural Gas Corporation (ONGC) has physically taken over the PMT fields from Reliance Industries (RIL) and Shell.

The government had approached the Delhi High Court seeking to block RIL’s stake sale plans.

This includes the $15-billion deal with Saudi Aramco, citing non-payment of an international arbitral award to the tune of $4.5 billion on PMT. 

The Mukesh Ambani-led company had refuted the claims. According to sources, the final phase of arbitration is scheduled in mid 2020 and the government
Topics : ONGC RIL

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in