Additional penalty on Reliance Ind

The Petroleum and Natural Gas Ministry plans an additional penalty of $578 million on Reliance Industries for missing the target production of natural gas from its KG-D6 block. This is part of the annual penalty, which the Ministry has been levying on the contractor by disallowing costs incurred on the field for missing the target. The total penalty is now $2.375 billion. RIL has taken the Government to arbitration on the issue.