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Oil Ministry has slapped $250 mn profit petroleum penalty on Reliance Industries Reports

According to a report, Oil Ministry has slapped the penalty of $250mn on Reliance industries to make good government’s loss owing to company’s inability to meet the natural gas production targets from the Krishna Godavari KG D-6 block.

VBK-MUKESH

Mukesh Ambani

According to a senior official, in a communication sent to RIL on June 3 by the government, the penalty has revised from $195 million as on March 31, 2014, to $246.9 million till March 31st.

Notably the profit petroleum is the main source of revenue for the government from a hydrocarbon block.

On the other hand, RIL declined to comment on the notice sent to them by the government.

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Parul Srivastava

She likes to express herself through her write-ups. She doesn’t believe in doing different things but she enjoy doing things differently.
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