India : INDIA: Oil Ministry penalizes RELIANCE INDUSTRIES over non-fulfillment of production target.
The Mumbai-headquartered Reliance Industries has faced a fine of almost $250 million over its failure to fulfill the goals of natural gas production from the Krishna-Godavari D-6 block.
The private sector giant has been slapped the penalty by the Union Petroleum Ministry.
The Ministrys imposition of the fine on Reliance Industries is being considered as one of the steps of the Government to offset its profit losses on petroleum, as per reports.
At present, the D-6 block produces around 8 million metric standard cubic metres per day, while the expected amount stands at 80.
[c] 2016 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Aug 17, 2016|
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