Indian Oil Corporation placed India’s first ever shale oil order two days ago with the U.S., according to company Chairman Sanjiv Singh, who said that the prices from the U.S. were very competitive even when compared with those from Gulf nations.
Speaking after his meeting with Turkmenistan Deputy Prime Minister Rashid Meredov in New Delhi on August 14, Petroleum Minister Dharmendra Pradhan said that, regardless of the current tensions between India and China on the border, China was showing keen interest in maintaining business relations between the two countries.
China’s ‘red carpet’
“Recently, several ministers have travelled to China and found that, whatever is happening on the border or on the diplomatic front, the Chinese do not want to let business stop between the two countries,” Mr. Pradhan said. “They are showing the red carpet for Indian business.”
Mr. Pradhan was also optimistic about the diversification of oil imports, including from countries like the U.S., as it would put pressure on the OPEC countries to do away with the Asian premium, something India has been arguing for. The increasing cooperation between India and the U.S. was mentioned by President Donald Trump as well.
“We have been asking for the Asian premium to be removed for a while now,” Mr. Pradhan said. “Now, the market dynamics are forcing them to reduce the Asian premium. What was going slow through bilateral engagements, is now being achieved. The American shale oil and gas are coming at a new normal price, and gives us leverage.”
Source:-Thehindu
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Speaking after his meeting with Turkmenistan Deputy Prime Minister Rashid Meredov in New Delhi on August 14, Petroleum Minister Dharmendra Pradhan said that, regardless of the current tensions between India and China on the border, China was showing keen interest in maintaining business relations between the two countries.
China’s ‘red carpet’
“Recently, several ministers have travelled to China and found that, whatever is happening on the border or on the diplomatic front, the Chinese do not want to let business stop between the two countries,” Mr. Pradhan said. “They are showing the red carpet for Indian business.”
Mr. Pradhan was also optimistic about the diversification of oil imports, including from countries like the U.S., as it would put pressure on the OPEC countries to do away with the Asian premium, something India has been arguing for. The increasing cooperation between India and the U.S. was mentioned by President Donald Trump as well.
“We have been asking for the Asian premium to be removed for a while now,” Mr. Pradhan said. “Now, the market dynamics are forcing them to reduce the Asian premium. What was going slow through bilateral engagements, is now being achieved. The American shale oil and gas are coming at a new normal price, and gives us leverage.”
Source:-Thehindu
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