Singapore-based arbitrator to preside over RIL-ONGC dispute

Singapore-based arbitrator to preside over RIL-ONGC dispute

Singapore-based arbitrator Prof Lawrence Boo has been named as the presiding judge of a three- member arbitration panel that will go into the validity of government’s demand of USD 1.55 billion compensation from Reliance Industries   for “unfairly” producing ONGC ‘s gas.

Government of India has named former Supreme Court Judge G S Singhvi as its nominee on the three-member arbitration panel, while RIL and its partners BP plc of UK and Canada’s Niko Resources have named former UK High Court Judge Bernard Eder to the panel. “The two arbitrators (appointed by Government and RIL-BP) have agreed on Boo as the third/presiding arbitrator,” a senior Oil Ministry official said. “The Arbitral Tribunal is fully constituted now.” The full arbitration panel was constituted in less than three months of RIL-BP-Niko slapping an arbitration notice on November 11 last year, thereby showing

” The full arbitration panel was constituted in less than three months of RIL-BP-Niko slapping an arbitration notice on November 11 last year, thereby showing “The two arbitrators (appointed by Government and RIL-BP) have agreed on Boo as the third/presiding arbitrator,” a senior Oil Ministry official said. “The Arbitral Tribunal is fully constituted now.” The full arbitration panel was constituted in less than three months of RIL-BP-Niko slapping an arbitration notice on November 11 last year, thereby showing

” The full arbitration panel was constituted in less than three months of RIL-BP-Niko slapping an arbitration notice on November 11 last year, thereby showing intent of quickly resolving the sticky issue, he said. Normally, it can take up to an year for the full panel to be constituted. The Oil Ministry had on November 3 last year issued a notice to RIL, Niko and UK’s BP Plc seeking USD 1.47 billion for producing in the seven years ended March 31, 2016 about 338.332 million British thermal units of gas that had seeped or migrated from the state-owned Oil and Natural Gas Corporation’s (ONGC) blocks into their adjoining KG-D6 in the Bay of Bengal. After deducting USD 71.71 million royalty paid on the gas produced and adding an interest at the rate of Libor plus 2 per cent, totalling USD 149.86 million, a total demand of USD 1.55 billion was made on RIL, BP and Niko. Read more

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