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An arbitration case against the Government of India is adding heavily to Cairn Energy’s administration expenses. In its latest annual report, the British oil firm has revealed that the cost of fighting the arbitration against the Rs 10, 247 crore tax imposed by India nearly tripled in 2018, while it has lost investments and tax refunds pending final award. Cairn has so far spent approximately $ 22.9 million in 2018.
Korea’s power utility, Korea Western Power Company (Kowepo) has initiated arbitration measures against India. Kowepo has cited "not honouring fuel supply commitment to its gas-based power plant in Maharashtra" as the reason in the arbitration notice. The Korean firm holds 40% stakes in Pioneer Gas Power Limited (PGPL) which runs a 388 Mw project in Raigad. Kowepo is seeking resolution of issues in 6 months or $400-million in compensation.
US-based oil major, Chevron evaded an Ecuadorian court verdict yesterday when an arbitration tribunal trashed the $9.5 billion verdict that came out in 2011 over oil pollution dispute. Chevron-owned TexPet was held guilty of environmental pollution due to operations in Lago Agrio oilfield. The bench stated that the Ecuadorian judgment was found in violation of international public policy. The Ecuadorian judgement will henceforth not be recognized in any other country.
The International Tribunal which heard the Reliance-ONGC row has rejected BP Plc’s claim to any legal cost from the Government of India. The bench ordered the Indian Government to pay USD 8.3 million to Reliance Industries for covering the legal cost. The panel, earlier, gave the verdict in favour of Reliance saying it could produce and sell any gas that migrated from adjoining fields of state-owned ONGC into its area.
The hearing in an International Arbitration Tribunal to authenticate Indian government’s $1.55 billion demand from Reliance-BP-Niko Resources for the alleged gas siphoning from ONGC deposits has come to a conclusion. The tribunal is expected to give out a judgment in July. Reliance and its partners are accused of producing 338.332 million Btu of gas that seeped or migrated from ONGC's blocks into their adjoining KG-D6 in the Bay of Bengal.