Reliance Industries has asked its partner Niko Resources to withdraw from eastern offshore KG-D6 gas block over default in payments for field development cost, but the Canadian firm has sought to stall the move by invoking arbitration, the companies said.
Niko, which defaulted on payment of loans to its lenders, has been unsuccessful in seeking a possible buyer for its 10 per cent stake in Bay of Bengal block KG-D6 or securing financing for its share of the USD 5-6 billion R-Cluster, Satellite Cluster and MJ development projects in the block.
In its third quarter earning statement last week, RIL stated that N?iko “defaulted on Cash Calls and accordingly default notice was issued as per the provision of Joint Operating Agreement (JOA)”. Read More
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