Reliance NEWS

Anil Ambani-lead Reliance Naval has filed a lawsuit against E&P major, ONGC for wrongfully terminating a deal and invoking bank guarantee. ONGC refused to take the delivery of an eighth vessel under a supply deal of a dozen vessels. Reliance Naval has asked ONGC for a reimbursement of more than $6.6 million, and another $15.46 million as payment for the support vessel.

With ONGC having produced just 1.84 million tonnes of crude oil in May as compared to 1.93 million tonnes the same month, last year, the state-owned oil giant’s output in April-May dunked 4.3% to 3.62 million tonnes. This scheduled a drop in India's oil production to 5.9 million tonnes from 6.03 million tonnes in April-May, last year. However, Reliance and Nayara Energy’s over-performing refineries produced 6.8% more fuel in May.

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.

Reliance Industries Ltd (RIL) is planning to stop its import of Iranian crude from October-November, owing to re-imposition of US sanctions. Although India has said that it does not follow U.S. sanctions but companies like Reliance, which have significant exposure to the financial system of the United States could be liable to penalties if they do not comply. US ordered the re-imposition of sanctions on Tehran earlier this month.