This was one of the single biggest foreign investnment deals that India had signed.
**BP abandons Indian refinery plan **
Oil giant BP has scrapped joint plans with the Indian government to build a huge refinery in Punjab. In October, BP signed a letter of intent with state-run Hindustan Petroleum Corporation Limited (HPCL). It had agreed to build a refinery costing $3bn (£1.73bn), with a capacity of 180,000 barrels of oil a day. But BP has pulled out of the deal, despite being keen to access the Indian market, which has seen a number of major oil and gas discoveries. After speculation that the two sides struggled to agree on terms, BP aid it wanted to focus on other opportunities elsewhere. “We do not intend to take the letter of intent we signed with HPCL forward to the joint venture stage,” a BP spokesman said. **“We have lots of different opportunities elsewhere around the world for investment and we will not be continuing discussions with HPCL.” Shares in BP were up 9 pence, or 1.3%, at 664.5p on Friday. **
^^ Do they still have “gas” in there with all the miraculous ayurvedic tablets around? On a more serious note, you raise a pretty serious question, and this BP deal is not the only company to desert the “rich booming” Indian economy. Recently APPLE inc. also abndoned India leaving a billion dollar deal in the lurch. Maybe its their general business environment, and things do look better elsewhere in the region. If Pakistan were to get more political stability, given the relative lack of red tape in our nation [lowest in South Asia – google that], we have a definite advantage over everyone else in the region.
Yeah its unfortunate that BP did not invest and then Apple computers left as soon as it came. Now there are reports that Posco will not invest $12 billion in its proposed steel plant also. Companies are leaving before they even enter Indian market.
By: John Ribeiro
IDG News Service (Bangalore Bureau) (26 Jun 2006)
Pervasive Software Inc., a U.S. vendor of data infrastructure software, this week announced it closed down its software development subsidiary in Bangalore, India
Pervasive Software Inc., a U.S. vendor of data infrastructure software, this week announced it closed down its software development subsidiary in Bangalore, India
instead of posting bad news from India, why dont u guys post any good news from Pakistan?
^ Try browsing the Pak affairs section, and trust me there aint no good or bad news -- news is just news, so don't expect folks to be selectively ignorant of "bad" news from a particular place. What is under discussion here is business matters with serious ramifications.
Genius, this is Indian thread not bad Paki… And this is International forum, for bad Pakis we have bad Paki forum… Its called bad Paki affairs… Here click on the following…
India is also getting stumped by China in Myanmar, and around the world in the quest for new energy resources.
**Myanmar-China gas pipeline irks India
**
Myanmar has said it will go ahead with plans for a gas pipeline to China, irking Indian officials. Myanmar was going ahead with plans to lay an export pipeline to China in return for soft loans to improve its own drilling capabilities. New Delhi is irked because state-owned Indian firms have a 30 percent stake in two of the fields. “The survey for laying a 2,380-km pipeline to China’s Yunan province has been completed,” an Indian intelligence official told the Times of India. "It will start at Myanmar’s Kyaukphyu in the Bay of Bengal and terminate at Ruili in China. A survey was conducted by PetroChina with which Myanmar signed a gas-export pact in January. Senior Indian oil ministry officials are still waiting for Myanmar to respond to proposed talks on a gas pipeline from that country to India. Myanmar told India the agreement with China did not imply any firm commitment and that it will keep in mind New Delhi’s interests. China’s agreement with Myanmar envisages supplying 6.5 trillion cubic feet of gas for 30 years from block A field in which India’s ONGC Videsh owns 20 percent and GAIL 10 percent. China has agreed to give Myanmar $84 million in soft loans. Myanmar has said it will use this money to buy two oil rigs to ramp up its pumping capacity.
Why did it irk a Zionist? Oh, India is now a partner-in-crime of Israel. Bhart is learning skills to oppress a population from Israel to apply it at Kashmir. hmm. Understood.
If there is a complain then it should come from a Bharati, not a Zionist.
Bharatis themselves post bad thread about Pak. A Zionist should complain in that case as well.
We post threads with good news about Pak all the time.
Powergen is the second largest energy supplier in the British market and they have announced their plans to cancel their call centre operations from India.
This decision would result in as many as 980 UK jobs moving back to the British market by the end of the current year.
This comes just a couple of days after Apple Computers announced a similar decision to close their Indian operations and move the jobs back to the US market.
Also, just recently Abbey was forced to shut its call centers in India last year after they received a lot of complaints from their customers related to the bank’s 1,000 call centre staff in Bangalore.
The managing director of the company Nick Horler said in a statement: “Offshore call centers may have their place for certain industries. However, we believe that we can best achieve industry-leading customer service by operating solely in the UK.”
He further added: “Although the cost of overseas outsourcing can be low, we’re simply not prepared to achieve savings at the risk or expense of customer satisfaction.”
Why finding new energy resources at home, and cheaper resources from abroad are critically important for India.
Anger over India fuel price rise
India’s political parties have been holding nationwide protests against an increase in petrol and diesel prices. On Monday, the Indian government raised the price of fuel in the face of rising crude oil prices. Petrol prices went up 4 rupees to 47.49 rupees a litre ($1.04, 55 pence) and diesel by 2 rupees to 32.45 a litre. The move has been opposed by the main opposition Bharatiya Janata Party and communist parties which support the ruling Congress party-led coalition. “The… government has increased the prices of petrol and diesel for an unprecedented seventh time within the last two years, amounting to a betrayal of the masses,” BJP President Rajnath Singh is quoted as saying by the Press Trust of India. “The hike in oil prices is totally unjustified,” D Raja, general secretary of the Communist Party of India, told Reuters. The communists say the government should bear the price hike and if necessary, fund it with tax increases.
Losses
India’s state-owned fuel retail outlets say they are losing billions of rupees by subsidising the cost of petrol to help the nation’s economy. The government says it held back from raising the price of kerosene, heavily used in poorer households. Experts fear a rise in fuel prices - which had been unchanged since September - could dampen demand for oil and stoke inflation in the country. India imports around 70% of the oil it needs and rising crude oil prices have been weighing heavily on its state-owned businesses which run 90% of the country’s fuel retail outlets. According to government estimates, state-run companies would have lost $16bn in the current fiscal year without any price rises. Petroleum Minister Murli Deora said that the petrol and diesel increase was the “minimum possible hike” which the government could impose. Mr Deora said that he was confident the left parties would eventually support his measures.
On a more serious note, you raise a pretty serious question, and this BP deal is not the only company to desert the “rich booming” Indian economy. Recently APPLE inc. also abndoned India leaving a billion dollar deal in the lurch. Maybe its their general business environment, and things do look better elsewhere in the region. If Pakistan were to get more political stability, given the relative lack of red tape in our nation [lowest in South Asia – google that], we have a definite advantage over everyone else in the region.