Billionaire Indian businessman Mukesh Ambani said that Saudi oil giant Aramco has agreed to take a 20 per cent stake in his Reliance Industries’ oil refinery and chemical business at an enterprise value of USD 75 billion. Ambani made the announcement at the company’s annual general meeting, and said this would be the biggest foreign […]
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 […]
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.” […]
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 […]
Delayed rains and a heat wave over northern India have raised worries about whether rice production and exports from the World’s No. 1 supplier will dry up this year. But the bigger worry is not poor weather conditions, but rather a war-like situation near Iran. Monsoon rains have arrived over southern India, albeit with a […]
Shekhar GhoshShekhar Ghosh is consulting editor, Indoasiancommodities.com. He has edited and written for publications like Business India, Business Standard, Business Today, Outlook and many other international publications. He can be reached at shekhar.ghosh@indoasiancommodities.in.
India closed its grape export season of 2018-19 with a 31 per cent rise in export of the fruit to Europe, the most premium market. Exports to Russia, China and other destinations are expected to have increased by about 25 per cent to 30 per cent. Grape growers had reported a bumper crop this year […]
Saudi Arabia may soak up some of Iran’s previous market share on the Indian market as Saudi Aramco is set to ship additional 2 million barrels per month to Indian Oil Corp between July and December this year on top of the existing term supply deal between the two companies. “We have told them […]
Iraq has become India’s top supplier of crude oil for the second consecutive year in 2018-19 fiscal year, meeting more than a fifth of the country’s oil needs. India imported 46.61 million tonnes of crude oil from Iraq during April to March FY 2018-19, up 2% from 45.74 million tonnes in 2017-18 fiscal, PTI reported […]
Saudi Arabian Mining Co. wants to more than double gold output within five years. Maaden, as the state-backed company is known, plans to boost gold output from about 415,000 ounces this year to one million by 2025, Chief Executive Officer Darren Davis said in an interview. This would catapult the oil-rich kingdom from a marginal […]
