India, the Wall Street Journal claimed recently, is the Iranian mullahs’ “last best friend” for continuing to buy oil from, and trade with, Iran. Questioning why Prime Minister Manmohan Singh “hasn’t already curtailed dealings with the Islamic Republic,” the Journal wondered if it has to do with the Indian fear of “pushy Westerners.” Accusing India of carrying some “mental baggage from the days of the Non- Aligned Movement,” the paper castigated the country for having failed to grow out of its “adolescent neurosis.”
Indian Prime Minister Manmohan Singh ’s first cabinet reshuffle in almost two years targeted ministries blamed for rising food and fuel costs while passing up the chance to overhaul a government damaged by graft claims.
Indian Oil Minister Murli Deora traveled to Nigeria, Angola, Uganda, Sudan, Saudi Arabia and Venezuela this year, leading a record number of delegations to gain oil for the world’s third-fastest-growing major economy.
The 9 percent jump in gasoline prices since the government scrapped controls in June may undermine the biggest bond rally in seven months, say Pramerica Asset Managers Pvt. and Development Credit Bank Ltd.
Indian Oil Corp. , the nation’s second-biggest refiner, posted a 16 percent drop in fourth- quarter profit after higher crude oil prices increased costs and subsidies failed to cover revenue losses from selling fuel below market rates.
India’s oil ministry has referred Vedanta Resources Plc’s proposal to buy a stake in Cairn India Ltd. to the market regulator, the Business Standard reported. The ministry will decide whether to endorse the investment in four to six weeks, the newspaper said, citing Petroleum Minister Murli Deora.
India will take a decision by February on an application from U.K. energy explorer Cairn Energy Plc to sell part of its stake in a local unit to Vedanta Resources Plc , Oil Secretary S. Sundareshan said.