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Reliance Industries Limited (RIL) on December 29 strongly refuted media reports claiming that the Indian government had demanded $30 billion from Reliance Industries and its partner BP for alleged underproduction of the KG-D6 gas block, calling the claims “factually incorrect” and “irresponsible”.
In a press release issued on December 29, Reliance said there was no $30 billion claim against the company or BP. He said the government’s claim for Block KG-D6 amounts to approximately $247 million, a figure which has been consistently and appropriately disclosed in the company’s audited annual financial statements, in accordance with regulatory disclosure requirements.
“Publishing a report like this, based on anonymous and unidentified sources, is inappropriate and irresponsible,” the company said, strongly protesting what it described as a misinterpretation of the facts.
Reliance added that the issues mentioned in the report are sub-judice and will be decided by the country’s judicial system, in which the company has full confidence. He stressed that Reliance Industries and BP have always respected their contractual and legal obligations.
The clarification follows a report titled ‘India claims $30 billion from Reliance Industries, BP for underproduction of gas fields, sources say’, which had attracted widespread attention.
Reliance reiterated its commitment to transparency and compliance and highlighted that all relevant disclosures related to the KG-D6 block have already been made through audited financial documents.
