The Petroleum and Natural Gas Ministry has asked public sector oil refiners to claim $315 million (around Rs 1,900 crore) of the disputed profit petroleum amount from the joint venture partners of the Ravva fields - Cairn India, Oil and Natural Gas Corporation, Videocon and Ravva Oil (Singapore). A dispute has been going on in the Ravva field over the profit-sharing ratio between the Government and the contractors based on the post-tax rate of return (PTRR) earned by the joint venture. The Government claims that the companies depressed the PTRR and paid less profit petroleum to the tune of $284 million. Arbitration had been invoked by the joint venture companies in two separate proceedings.
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