Reliance Industries has announced the commissioning of the first phase of its Paraxylene (PX) plant at Jamnagar, Gujarat.

The plant with capacity of 2.2 million tonnes per annum is built with state-of-the-art crystallisation technology from BP which is highly energy efficient and environment friendly.

New Delhi: The oil ministry has appointed G.S. Singhvi, a former Supreme Court judge and Competition Appellate Tribunal chairman (Compat), as the government’s arbitrator in a $1.55 billion dispute with Reliance Industries Ltd (RIL) over alleged extraction of gas from a reservoir connected to that of state-run Oil and Natural Gas Corp. on the east coast.

Singhvi, who retired from Compat earlier this month, will consult an arbitrator chosen by RIL for identifying a third neutral arbitrator and the place of arbitration, said a government official, who asked not to be named.

Reliance Industries (RIL) was up 2% to Rs 1,064 on the BSE in intra-day trade, gaining for the fifth straight trading sessions, in otherwise range-bound market. The stock was trading at six-week high, its highest level since October 30, 2016.

Since December 7, in past fifth trading sessions, it was up 6.4% from Rs 1,000 against 1.6% rise in the S&P BSE Sensex.

A flash fire that occurred at around 3 am on Thursday at one of the units of Reliance Industries Limited (RIL)'s DTA refinery in Jamnagar injured around eight workers.

The injured were rushed to Jamnagar Civil Hospital, according to police sources.

Reliance Industries (RIL) has entered into a global partnership agreement with NYSE-listed GE to enter in the Industrial Internet of Things (IIOT) space by building joint applications on the latter's Predix platform, it said on Thursday.

Predix-based apps connect industrial equipment, analyse data and deliver real-time insights. The two partners aim to provide IIOT solutions to customers in oil & gas, fertiliser, power, health care and telecom, among other sectors.

Mukesh Ambani-led Reliance Industries Ltd (RIL) and its partners, BP and Niko Resources, have initiated an arbitration process against the Centre's notice imposing a penalty of $1.55 billion on these companies for allegedly using migrated gas from state-run Oil and Natural Gas Corporation's (ONGC's) asset in KG-D6.

It was on November 3 that the government had slapped the penalty. Following this, RIL had come out with a statement that the contractor's liability has not been established by any process known to law and the quantification of the purported claim is without any basis and arbitrary.

The penalty imposed on Reliance Industries Ltd for producing Oil and Natural Gas Corporation’s share of natural gas has come with an interest rate of 2% over Libor. This has taken the net payable amount to $1.55 billion.

Besides this, the ministry of petroleum and natural gas is seeking $175 million from RIL as additional cumulative profit till March 31, 2016. While giving RIL 30 days to pay up, the ministry of petroleum and natural gas has threatened “further actions” for breach of the provisions and obligations committed under the production sharing contract between the contractors and the government.

The government has sought $1.55 billion (nearly Rs 10311.76 crore) from Reliance Industries and its partners for drawing natural gas belonging to state-owned ONGC in the KG basin over the last seven years.

The Oil Ministry has sent a notice to RIL seeking $1.55 billion compensation, sources privy to the development said.

Following its launch on September 5, and after spending Rs 1.5 lakh crore, Chairman and Managing Director of the Reliance Industries Limited have revealed plans of spending another Rs 1 lakh crore on the Reliance Jio in the next four years for the better expansion of the network. Although, most of the calls in the network are dropped due to PoI and MNP issues, the telecom network which already had added 16 million customers within a month of its launch, have plans of adding at least 100 million customers by the end of a year.

Reliance Industries and its partner Canada's Niko Resources may face an over $1 billion penalty over its dispute with ONGC for the usage of the latter's natural gas.

According to a report in The Financial Express, the Directorate General of Hydrocarbons calculated the penalty, which arrived at over $1 billion, after considering the account capital and operational expenditures undertaken by RIL to take out the gas that had migrated to its basin.

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