Saudi plans to get stake in India’s largest company, Reliance Industries, hits a snag

Discussions between India’s largest private sector company, Reliance Industries, and Aramco, the world’s single biggest oil producing firm, have hit a stumbling block as the Indians want higher valuation than the Saudis are willing to pay for a stake in Reliance’s downstream business, Reuters reported earlier this week. In April this year, reports emerged that Saudi Arabia’s […]

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Iran seizes British oil tanker for violating International maritime law

The Iranian National Guard Corps (IRGC) is claiming that is has seized a British oil tanker for violating International maritime law. The vessel, named the Stena Impera, according to the IRGC, was captured while traversing the Strait of Hormuz at the request of Hormozgan Ports and Maritime Organization “for failing to respect international maritime rules.” […]

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Saudis may cut oil prices for Asian markets

Saudi Arabia may reduce its official selling price for oil for Asian buyers in August, unnamed sources told Reuters, adding the move was prompted by a decline in Middle Eastern benchmarks last month. A Reuters survey among five refiners revealed the official selling price for the Kingdom’s flagship Arab Light hit a five-year high for deliveries this month, but […]

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