Vedanta receives arbitration award in Rajasthan oil block case
Vedanta Ltd has won an arbitration award in the Rajasthan oil block case.
IANS
Aug 27, 2023 07:01
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New Delhi, Aug 27 (IANS) Vedanta Ltd has won an arbitration award in the Rajasthan oil block case.
"Company has received an arbitration award dated August 23, 2023 inter alia upholding the contention of the company that additional Profit Petroleum, on account of Director General of Hydrocarbon (DGH) audit exceptions in relation to allocation of common development costs across Development Areas and certain other matters, is not payable as per terms of the Production Sharing Contract for Rajasthan Block," Vedanta said in a stock exchange filing.
Vedanta had initiated the arbitration proceedings after the government had sought additional share of profit from the company, while renewing its licence for the oil block in Barmer, as per reports.
