Hindustan Petroleum Corporation (HPCL) has reportedly won an arbitration award of Rs 806 crore against Malaysia’s M3nergy Berhad.
The state-run oil marketing company had initiated arbitration proceeding against M3nergy in 2009 over termination of an exploration contract ONGC had awarded to a consortium of HPCL, M3nergy and Prize Petroleum for development of some offshore fields off Mumbai.
HPCL is an Indian state-owned oil and natural gas company with its headquarters at Mumbai, Maharashtra. It has about 25% marketing share in India among PSUs and a strong marketing infrastructure.