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RIL, partners put only $82 mn in gas pool account

The govt fixes prices based on a formula linked to key gas markets across the globe

Mukesh Ambani, chairman of Reliance Industries Limited
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Mukesh Ambani, chairman of Reliance Industries Limited

Shine Jacob New Delhi
Mukesh Ambani-led Reliance Industries and its partners, BP and Niko Resources, have so far paid only $82 million to the gas pool account — maintained to park the differential between the notified gas price given to others and the $4.2 per unit that the three contractors charge their customers.

The firms are yet to pay the penalty imposed on them for disallowing recovery of cost incurred for missing the target during six years from 2010. After a fresh penalty of Rs 264 million in August, the total now stands at $3.02 billion. Fining them, the government had cited their failure to