Arab Today, arab today clearance \soon\ on 72bn reliancebp deal
Last Updated : GMT 21:17:59
Arab Today, arab today
Arab Today, arab today

Clearance \'soon\' on $7.2bn Reliance-BP deal

Arab Today, arab today

Arab Today, arab today Clearance \'soon\' on $7.2bn Reliance-BP deal

New Delhi - AFP

India\'s cabinet could soon clear a proposed $7.2 billion sale by Reliance of a 30 percent stake in its oil and gas assets to British energy giant BP, Indian media reports said Wednesday. The oil ministry has \"unequivocally recommended clearance of the deal,\" but wants the cabinet to approve it because of its value, the reports quoted an unnamed ministry official as saying. The Hindustan Times newspaper and other media said cabinet approval for the deal could come next week. BP\'s tie-up with Reliance will accelerate fuel-hungry India\'s energy exploration and hand the Indian company the skills to develop hard-to-exploit reserves, analysts say. India\'s home ministry gave security clearance to the sale a month ago. Europe\'s second-biggest oil company, BP is acquiring a 30 percent interest in in 23 exploration blocks, including the eastern offshore KG-D6 gas field which is India\'s biggest gas deposit. Reliance wants BP\'s help in ramping up production from the KG-D6 field, which has been flagging. The Indian firm could receive up to $1.8 billion in additional payments based on exploration success, the companies said when the agreement was announced in February. India imports about 80 percent of its crude oil and has been frantically seeking new fuel sources as its economy grows. BP already runs a joint venture with Reliance on one offshore field in India, controls leading lubricants firm Castrol India, and has a partnership to make solar panels with the Tata conglomerate. The oil ministry has said it sees no problems that could hold up the Reliance deal. Last week, India\'s government gave long-awaited clearance to the multi-billion-dollar sale of British oil explorer Cairn Energy\'s Indian oilfields to London-listed mining group Vedanta Resources. The approval, nearly a year after the sale was initially announced, came with the key rider that Cairn India\'s new owner must share the oilfields\' royalty burden, currently borne in whole by India\'s state-owned Oil and Natural Gas Corp.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today clearance \soon\ on 72bn reliancebp deal Arab Today, arab today clearance \soon\ on 72bn reliancebp deal

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today clearance \soon\ on 72bn reliancebp deal Arab Today, arab today clearance \soon\ on 72bn reliancebp deal

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday