Shell and two other oil companies, Indian oil firms Reliance and ONGC, are to pay a fine of USD 3 billion (EUR 2.6 billion), according to India's government, which has issued the penalty in relation to the oil field Penna Mikta Tapti outside of Mumbai.
According to Indian authorities, the companies underestimated the profits from the field over a long period of time by calculating the field's net profit based on a former tax rate of 50 percent, thus not using the recently implemented tax rate of 33 percent. As such, the field has been less lucrative on paper, according to Indian authorities, than it actually is.
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