CBI seeks expert help in Reliance case

PTI | July 4, 2011



The CBI may ask oil ministry to appoint an expert to assist it in understanding transactions surrounding Reliance Industries' crown jewel KG-D6 fields, where the company has shown a phenomenal increase in cost of producing gas.

The central bureau of investigation wants to understand the arguments offered by Mukesh Ambani's firm when it raised the cost of developing Dhirubhai 1 and 3 gas fields in the KG-D6 block from USD 2.39 billion proposed in 2004 to USD 5.196 billion in Phase-1 and another USD 3.3 billion in Phase-II.

Exploration and production of oil and gas from deep sea being complex issues, the agency wants to use the expertise of a domain expert to understand if all the expenses proposed by Reliance and approved by the directorate general of hydrocarbons (DGH) were justified.

Sources in the agency said that the CBI had approached an expert for making a detailed analysis who sought a fee of over Rs 20 lakh following which it decided to write to the petroleum ministry.

"We will be writing to the petroleum ministry for hiring the same expert for us as the agency cannot make such a huge payment," a senior CBI official said.

A preliminary enquiry into the case was registered in November 2009 on request of petroleum ministry following several objections raised by the anti-corruption watch dog -- CVC -- on the KG-D6 fields deal.

The central vigilance commission had forwarded a complaint in which it was alleged that there was a phenomenal increase in capital expenditure from USD 2.4 billion to about USD 8.8 billion in the project.

Comments

 

Other News

Master sculptor recalls the making of the Shankaracharya statue

The Golden Chisel: The Story Behind the Making of Ram Lalla  By Seethalakshmi S. and Rahul Nandan Rupa Publications, 168 pages, Rs 395  

Mumbai’s missing affordable homes

Mumbai’s real estate market keeps growing, yet homeownership remains out of reach for much of its population. Three experts – urban researcher Hussain Indorewala, urban planner Vidyadhar Phatak and developer Kamlesh Thakur of NAREDCO Maharashtra, agree that simply constructing more apartments

Rubio denies US foreknowledge of Starlink restrictions in Ukraine

US secretary of state Marco Rubio has said he was unfamiliar with the Wall Street Journal report suggesting Elon Musk had decided to throttle Starlink services in Ukraine, but rejected claims that Washington had ordered the restrictions to pressure Kyiv.   “There was no

Can AI change India’s breast cancer story?

Breast cancer has become a public-health challenge in India. The greatest opportunity is to find cancers earlier. Artificial intelligence (AI) is opening a new era in breast cancer detection. AI systems can analyse mammograms and other breast-imaging studies, identify subtle abnormalities and assist radi

Farm stability in the time of climate change

Indian agriculture is experiencing significant climate volatility, while the world economy seems to be in a highly volatile situation. Economic indices from various countries show that they need to recalibrate their strategies to withstand economic headwinds. In such a challenging situation, a country li

El Niño threatens India’s Rabi crops

India’s southwest monsoon ended with a 13% rainfall deficit in 2026, its weakest performance in a decade, raising concerns over agricultural production, water security and the upcoming rabi season. With El Niño expected to persist into early 2027, experts warn that declining soil moisture, dep

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter