Veerappa Moily writes to Prime minister over gas deal with Reliance

Veerappa Moily writes to Prime minister over gas deal with Reliance

With 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' (RIL) contract for KG-D6 gas fields cannot be terminated pending arbitration on issue of output lagging targets. br br 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. br br RIL disputed the order and initiated arbitration.


User: NewsX

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Uploaded: 2019-03-01

Duration: 05:15