OPEC meet fails to decide on oil production freeze
The Dollar Business Bureau The top most oil producing countries have failed to decide on production freeze during the OPEC meeting in Doha, Qatar on Sunday. This is a precedent to the two failed meetings in December 2015 and February this year to cap the crude oil prices, which have risen from $26 per barrel in February to above $40 on expectations that the OPEC countries could come to a consensus. The ongoing tension between Saudi Arabia and Iran is a key reason for the failure of OPEC countries to sign an agreement or freeze output at January levels. Iran has decided not to attend the OPEC meeting, and continued producing oil until it regains the market share after following the lifting ...
Russian company forms joint venture with Indian firm for submarine repair
The Dollar Business Bureau Pipavav Defence and Offshore Engineering Company (PDOC) on Tuesday announced the setting up of a joint venture with a Russian firm for repairing submarines in India. The agreement with JSC Ship Repairing Centre Zvyozdochka, Russia is meant for medium refits and life certification of 877 EKM submarines in India. “PDOC proposes to execute the program under a joint venture, with 51% stake, consistent with MoD (Ministry of Defence) regulations. This will also mark the first time the work for refit of submarines is being considered for the private sector in India,” the company said in a statement. The estimated value of work proposed to be undertaken by the JV is around Rs. 11,000 crore. As per the ...
India eyes new avenues for collaborations to boost economic ties with Algeria
The Dollar Business Bureau Around 70 Indian companies from various sectors will showcase their products and technological expertise at an international trade fair in Algeria, beginning Tuesday. Commerce Minister Nirmala Sitharaman, who is leading a business delegation in the African county, will inaugurate the India Pavilion along with the Prime Minister of Algeria. The Federation of Indian Chambers of Commerce and Industry (FICCI) with the support of Ministry of Commerce and Industry and Indian embassy in Algeria is organising the India Pavilion at the 48th Algiers International Trade Fair. Exhibitors from 38 countries will participate in the week-long event which will conclude on June 1. India has been given a status of ‘Guest of Honour’ country for the trade ...
