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HPCL wins arbitration award of Rs 806 crore against M3nergy Berhad: Report

03 Oct 2017 Evaluate

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.



Peers
Company Name CMP
Reliance Industries 1223.30
Indian Oil Corpn. 128.55
Bharat PetroleumCorp 293.55
HPCL 348.40
MRPL 174.85
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