No Result
View All Result
  • Login
Thursday, May 19, 2022
Afternoon Voice
SUBSCRIBE
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics
No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics
No Result
View All Result
Afternoon Voice
No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Epaper
  • More

Home > Uncategorized > ‘RIL’s KG-D6 gas contract can’t be terminated on target issue’

‘RIL’s KG-D6 gas contract can’t be terminated on target issue’

afternoonvoice@gmail.com' by Afternoon Voice
February 24, 2014
in Uncategorized
A A
0

RIL-s-KG-D6-gasWith AAP leader Arvind Kejriwal making hike in gas prices a poll issue, Oil Minister M Veerappa Moily has written to Prime Minister Manmohan Singh saying Reliance Industries’ contract for KG-D6 gas fields cannot be terminated pending arbitration on issue of output lagging targets.

While the contract provides for termination in case of a default by a contractor, the Oil Ministry under S Jaipal Reddy in May 2012 had slapped penalty of USD 1.005 billion on RIL for failing to produce natural gas in line with the pre-stated targets.

RIL disputed the order and initiated arbitration.

“In view of the contractual provision under the PSC, the government will not be able to terminate the contract on account of shortfall in production as the matter is pending before the arbitral tribunal,” Moily said in his letter to the Prime Minister.

His letter came in response to charges by Kejriwal that the government was favouring RIL by nearly doubling natural gas prices from April 1, 2014.

The production sharing contract (PSC) does not have any explicit provision for penalties in case of default. A contract can only be terminated in case of a default.

Explaining the reasons behind raising natural gas prices from April, Moily said several gas fields of both RIL and state-owned Oil and Natural Gas Corp (ONGC) were economically unviable to produce at current rate of USD 4.2 per million British thermal unit.

“In choosing the basis for fixing the gas price, it is tempting to think that by choosing a lower price we are assuring consumers the same amount of gas supply at a lower price. The fact is that the price formula affects the investment that will be undertaken in exploration and production and therefore the total volume of gas likely to be produced,” he wrote.

afternoonvoice@gmail.com'

Afternoon Voice

Recommended For You

cyber crime, cyberbullying, ca, chartered accountant, fraud, online fraud, mumbai police, thane police, police, Bank frauds, banking fraud, city coporation bank
Uncategorized

Mumbai Police helped Chartered accountant to retrieve Rs 11 lakh in cyber fraud case

May 19, 2022
p chidambaram, chidambaram, congress, Jawaharlal Nehru, Narendra Modi
Uncategorized

Attempt to distort history, Nehru intervened in Goa at right time: Chidambaram on PM’s criticism

February 11, 2022
ks sethumadhavan, director, south indian, filmmaker, sethumadhavan
Uncategorized

Legendary South Indian director K S Sethumadhavan passes away

February 9, 2022
japanese, japan pm, shinzo abe, shinzo
Uncategorized

Ex-Japan PM says a Chinese military “adventure” could be “suicidal”

February 9, 2022
tayyip erdogan, erdogan, Alevi, Alevi community, AK Party
Uncategorized

Tayyip Erdogan faces uphill bid to woo Turkey’s large Alevi minority

February 9, 2022
aghanistan, afghan, violence, violence against women, taliban
Uncategorized

UN raises issue of violence against women, girls in Afghanistan

February 9, 2022
ADVERTISEMENT

LATEST NEWS

cyber crime, cyberbullying, ca, chartered accountant, fraud, online fraud, mumbai police, thane police, police, Bank frauds, banking fraud, city coporation bank

Mumbai Police helped Chartered accountant to retrieve Rs 11 lakh in cyber fraud case

May 19, 2022
Bank frauds, banking fraud, city coporation bank

Cooperative Bank frauds can never stop in India?

May 19, 2022
mva, maha vikas aghadi, nana patole, pawar, uddhav, thackeray, sanjay raut, raut, sambhaji raje, rajya sabha seat

Maharashtra politics is once again in a warzone with the Rajya Sabha elections

May 18, 2022
finland, sweden, nato, nato alliance, us, turkey, turkish

Finland, and Sweden apply to join NATO, but face Turkish objections

May 18, 2022
A G Perarivalan, Perarivalan, Rajiv Gandhi, Rajiv Gandhi assassination, Rajiv, Supreme Court

Rajiv Gandhi assassination case: SC orders release of A G Perarivalan after 30-years in prison

May 18, 2022
sanjay raut, raut, sambhaji raje, rajya sabha, sharad pawar, shiv sena, sena, uddhav, maratha, maratha community

Shiv Sena’s dilemma: Sambhaji Raje or Sena in sixth place?

May 18, 2022
ADVERTISEMENT

EDITOR TWEETS

Tweets by @vaidehisachin
Afternoon Voice

© 2022 Newsmakers Publications Pvt. Ltd. | All rights reserved.

Important Links

  • Disclaimer
  • Privacy Policy
  • About Us
  • Contact Us
  • Support Parallel Media

Follow Us

No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics

© 2022 Newsmakers Publications Pvt. Ltd. | All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?