We have been given to understand that the Comptroller and Auditor General of India ( CAG ) has submitted its Final Audit Report on Hydrocarbon Production Sharing Contracts ( PSC ) including that of KG D6 Block for the years 2006*07 and 2007*08 to the Government of India and tabled in the Parliament. We are unable to comment on the contents as we have not yet seen the Final Audit Report.
We had already provided to Ministry of Petroleum and Natural Gas (MONPG), Directorate General of Hydrocarbon (DGH) & CAG out detailed comments along with views of international experts on such parts of the draft report that had been communicated to us. We hope our detailed responses and the views of industry experts have been duly considered in finalising the Audit Report. We reiterate that, as a Contractor, we remain committed to complying with the PSC provisions and procedures including adopting Good International Petroleum Industry Practices ( GIPIP) in our operations.
Since many of the comments in the Draft Report had referred issues that were technical in nature, we had offered to CAG a complete and through interaction with subject matter specialists. We remain open to such interaction at all times.
We maintain that in KG D6, RIL has set a global benchmark for effective, efficient project completion and capital cost competitiveness under the most trying circumstances and we are proud of our achievements.
We have and will continue to co-operate with the Government of India for audit as per the provisions of PSC.
About RIL
Reliance Industries Limited ( RIL ) is India's largest private sector company on all major parameters with a turnover of INR 2,58,651 crore ( US $ 58.0 billion ), cash profit of INR 34,530 crore ( US $ 7.7 billion ), net profit of INR 20,286 crore ( US $ 4.5 billion ) and net worth of INR 1,51,540 crore ( US $ 34.0 billion ) as of March 31, 2011.
RIL is the first private sector company from India to feature in the Fortune Global 500 list of ' Worlds Largest Corporations' and ranks 119th amongst the world's Top 200 companies in terms of profits. RIL ranks 68th in the Financial ' Times FT Global 500' list of the world's largest companies. RIL is ranked amongst the '50 Most Innovative Companies-2010' in World in a survey conducted by the US financial publication - Business Week in collaboration with Boston Consulting Group ( BCG ). In 2010, BCG also ranked RIL as the second highest ' Sustainable Value Creators' for creating the most shareholder value over the decade in the world
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