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RIL, Shell, ONGC asked to pay $3 billion in penalty
The government has ordered Reliance Industries (RIL), Shell and ONGC to pay a combined $3 billion in penalty following an arbitration award in the Panna Mukta Tapti (PMT) oil field dispute that went in favour of the government, according to people familiar with the matter. The three companies have to pay the penalty proportionate to their stake in the fields. Late last year, a London-based tribunal of arbitrators issued a final partial award (FPA), upholding key contentions of the government.
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