OilVoice - ONGC G1 Development Project Settlement Agreement

ONGC G1 Development Project Settlement Agreement

Thursday, December 10, 2009

Engineering and construction company Clough Limited advises that Clough Engineering Limited and ONGC have settled their disputes arising from the former G1 Development Project, India on a full and final basis and have today executed a formal Settlement Agreement.

The settlement includes for CEL to transfer to ONGC its rights, title and interest in all project materials, equipment and services held by CEL, while ONGC pays a Settlement Sum of USD 32 million. It also brings to an end all litigation between CEL and ONGC.