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2016-09-28 18:35:00

INDIA APPROVED $3 BLN

INDIA APPROVED $3 BLN

According to WSJ, India's federal cabinet on Wednesday approved two deals worth about $3 billion that will allow a consortium of Indian state-run oil companies to buy stakes in two Russian oil fields, a top government official said.
A consortium of Oil India Ltd., Indian Oil Corp. Ltd. and Bharat Petro Resources Ltd., which is the exploration and production arm of Bharat Petroleum Corporation Ltd., had in March agreed with Russian state-run oil company Rosneft to buy a 23.9% stake in its Vankor oil fields. The deal, worth about $2.02 billion, was approved by the cabinet Wednesday, said an official, who didn't wish to be named.
The cabinet also approved another deal worth $1.24 billion reached by the three companies earlier this year to acquire a 29.9% stake in Russia's Taas-Yuryakh oil field, the official added.
The deals reflect India's growing interest in snapping up cheap offshore assets amid the tumble in global crude-oil prices.
India is the world's third-largest energy consumer and imports roughly 75% of its oil. Oil prices fell to nearly 12-year lows this year under pressure from a deepening supply glut and signs of economic weakness in China, the world's second-biggest oil consumer.
With lower crude prices making investments in energy development abroad more affordable, India has asked state enterprises to look for deals with resource-rich nations such as Russia, Saudi Arabia, the United Arab Emirates and, now that international sanctions have lifted, Iran.

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Earlier:

RUSSIA: 

HARD RUSSIAN OIL 

RUSSIA NEEDS MONEY 

РОССИЙСКО - ЯПОНСКОЕ СОТРУДНИЧЕСТВО 

РЕКОРД РОССИИ: 11 МБД 

РОССИЯ ПОВЫШАЕТ УСТОЙЧИВОСТЬ

 

INDIA: 

LNG TO INDIA: UP 35% 

6 MB IRANIAN OIL FOR INDIA 

ONGC BUYS VANKOR 

ASIAN LNG IMPORTS UP 

INDIA SAVES $3 BLN

 

 

 

Tags: INDIA, RUSSIA, OIL, ROSNEFT, VANKOR, TAAS-YURYAKH

Chronicle:

INDIA APPROVED $3 BLN
2018, June, 18, 14:00:00

U.S. IS BETTER

IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.

INDIA APPROVED $3 BLN
2018, June, 18, 13:55:00

U.S. ECONOMY UP

IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.

INDIA APPROVED $3 BLN
2018, June, 18, 13:50:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.

INDIA APPROVED $3 BLN
2018, June, 18, 13:45:00

SOUTH AFRICA: NO BENEFITS

IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.

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