Mumbai, Dec 29 Reliance Industries on Monday refuted a media report, saying there is no claim of $30 billion from the Indian government against the company and BP.
In a statement, Reliance Industries said the contents of the report titled “India claims $30 billion from Reliance Industries, BP for underproduction from gas field, sources say” are factually incorrect, adding that the “publication of a report such as this based on unnamed and unidentified sources is inappropriate and irresponsible”.
The statement further stated that there is “NO claim of $30 Billion against Reliance and BP. The claim made by Government of India in relation to KG D6 Block is of the order of $ 247 Million which has been appropriately and consistently disclosed in the Company’s annual audited financial statements, in accordance with its disclosure requirements”.
According to the company, the matters referred to in the report are “entirely sub judice and would be determined in accordance with the laws of the country by its judicial system, in which Reliance has full faith”.
“Reliance Industries Limited, together with its partner BP has at all times complied with its contractual and legal obligations and take strong exception to mischaracterisation of facts in the report,” it added.
BP and Reliance Industries Limited (RIL) in 2020 announced the start of their new Indian fuels and mobility joint venture, Reliance bp Mobility Limited (RBML). Following initial agreements in 2019, bp and RIL teams have worked closely over the past few months in a challenging environment to complete the transaction as planned.
Operating under the “Jio-bp” brand, the joint venture aims to become a leading player in India's fuels and mobility markets. BP brings its extensive global experience in high-quality differentiated fuels, lubricants, retail and advanced low carbon mobility solutions, according to an earlier BP statement.
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