Monday 16 September 2019
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business-standard - 5 days ago

Reliance introduces anti-bribery, anti-money laundering clauses in gas sales pacts

Reliance Industries has introduced anti-bribery and anti-money laundering clauses in the sales agreements it intends to sign with potential users of newer gas from KG-D6 block in the Bay of Bengal. In the offer document seeking bids for 5 million standard cubic meters per day of natural gas to be produced from R-Series fields in the block from mid-2020, Reliance and its partner BP plc have provided a draft of the Gas Sales and Purchase Agreement (GSPA) to be signed by potential buyers. The GSPA provides for immediate termination of the agreement and recovery of any losses in case of violation of anti-bribery and anti-money laundering clauses. Reliance and BP sought an undertaking that buyer or its affiliates had not bribed anyone in last five years and none of their directors, officers, or key employees has been convicted or investigated of any offence involving money laundering in last 10 years. It sought indemnity for the sellers (Reliance and BP) from any loss or damage due to ...


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