India challenges the Arbitration in the High Court of England Trust Industries Ltd. Reliance’s latest annual report stated that the arbitral tribunal was “auspicious award on January 29, 2021.” Obtained from the sale of oil and gas before the proceeds are paid to the government.
The award came this year. Both parties have submitted clarification requests to the arbitration tribunal. “On April 9, 2021, the arbitral tribunal made a ruling on both parties’ requests for clarification. It accepted the minor amendments requested by the plaintiffs (Reliance and Shell) and rejected all requests for clarification.
Statement of the Government of India:” Government of India (Government of India) ) Challenged the ruling of the High Court of England, claiming that on December 16, 2010, the Trust and Shell and BG Exploration & Production India Ltd drew the government into arbitration regarding reimbursement regulations, profits owed to the state and legal fees. , Including royalties payable. The Indian government also filed counterclaims against incurred costs, over-sales, over-reporting and short-term reports.
The three-person arbitration court chaired by Singaporean lawyer Christopher Lau passed the final partial majority award (FPA) on October 12, 2016, confirming the government’s view that mining revenue should and should not be deducted from the current 33% tax Then calculate the previous 50% ratio. He also claimed that the contract reimbursement for the Tapti gas field was 545 million U.S. dollars, and the contract reimbursement for the Panna Mukta oil and gas field was 577.5 million U.S. dollars. He hopes that Tapti’s expense reserve will increase by 365 million U.S. dollars, and Panna Mukta’s expense reserve will increase by 62.5 million U.S. dollars. He said that loyalty must be calculated after considering marketing profit, which is added to the wellhead gas price. Awarded for receiving the installment payment of US$3.85 billion (approximately Rs 28,000) from Reliance and BGEPIL. Both companies challenged the FPA in the High Court of England in 2016, and the latter submitted one of the issues to the Court of Reconsideration on April 16, 2018.
“The arbitral tribunal basically made a decision in favor of the applicant in its final partial judgment on October 1, 2018. The Iraqi government and the plaintiff filed an appeal with the English Commercial Court in 2018. The final partial judgment upheld the plaintiff’s objection. Opinion, that is, the arbitration tribunal has jurisdiction over limited matters and submits the matter to the arbitration tribunal,” the report said. Part of the 2016 ruling not only increased the claim of 3.85 billion U.S. dollars, but also tried to block the 15 billion U.S. dollar transaction between Reliance and Saudi Aramco on the grounds that the company owed it money. The Trust and Shell responded to the government’s investigation in the Delhi High Court, claiming that the petition is in infringement proceedings because arbitration is not allowed “The Indian government has also applied to the Delhi High Court for enforcement… Application of FPA 2016 And implementation,” it said in its annual report.
“The plaintiff argued that the Indonesian government’s administrative motion cannot be rejected.” The government’s law enforcement application is currently under review. The plaintiff also filed a revocation/amendment to challenge the decision of the Delhi High Court to order directors to produce an affidavit of assets. The case will be heard in Panna on July 13, 2021. Mainly oil fields) and Mead and South Tapti (gas fields) are shallow water oil fields in the Mumbai coastal basin. They were opened by the State-owned Oil and Gas Company (ONGC) and were tendered by the ONGC consortium in 1994. (40%), Reliance (30%) and Enron Oil & Gas India Ltd (30%). In February 2002, British Natural Gas Exploration and Production India Limited (BGEPIL) acquired Enron’s 30% stake in the joint venture, and BGEPIL was subsequently acquired by Shell. The oil field’s product sharing contract (PSA) stipulates that the cost of oil and gas field sales should be deducted before the purchase. Throw the profits to the government. Certain cost factors will increase the government’s oil revenue. Reliance and BGEPIL have tried to lower the upper limit of cost recovery. increase
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