Vedanta to enter BPCL privatization bid with $12 billion war chest

Vedanta Group is willing to spend $12 billion to acquire India’s state-owned refiner Bharat Petroleum Corp., among the largest asset sales in India that has been facing massive delays in completion. “We’re not going to bid aggressively, but we will put the right price,” billionaire chairman Anil Agarwal said in an interview in Riyadh, Saudi Arabia. […]

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Iraq’s INOC to acquire ExxonMobil’s stake in Iraqi oil field; China delighted

The newly resurrected Iraqi National Oil Company (INOC) has been given government approval to acquire ExxonMobil’s 32.7 percent stake in the supergiant West Qurna 1 oil field for up to $350 million. West Qurna 1, located around 65 kilometres from southern Iraq’s principal oil and export hub of Basra, holds a considerable portion of the […]

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FIEO says exporters flushed with orders across sectors for next fiscal

The country’s exports are expected to register healthy growth rate in the financial year 2022-23 and might touch $ 530 billion as exporters are “flushed” with orders, the Federation of Indian Export Organisations (FIEO) said. It added that additional exports will come from some of the PLI (production-linked incentive) sectors in the next fiscal. “Since […]

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Global crude oil supply to exceed demand in 2022

2022 crude oil supply-demand will be driven by several factors such as COVID-19 and its variants’ impact on demand and economy, falling OPEC+ spare capacity, and some countries inability to meet their production quota, non-OPEC production hike especially from the US and Brazil, the release from strategic petroleum reserves from several countries, lower upstream investment, […]

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