Iran and Saudi Arabia have agreed to re-establish diplomatic relations and reopen embassies after talks in Beijing between officials from the two rival Middle East powers, Iranian state media reported on Friday.
ONGC Videsh Ltd and its partners Indian Oil Corporation and Oil India Ltd had in 2009 dropped plans to develop the Binaloud oil find in the Farsi offshore block as it found one billion barrels of reserves commercially unviable.
"We have been importing 3 million barrels of crude oil per month from Iran. There is no change in that status... there has been no disruption in supplies... We continue to import same volumes (this month)," Essar Oil Managing Director and CEO Naresh Nayyar said.
The broader NSE Nifty, after cracking the 10,600-mark, ended 82.30 points, or 0.77 per cent, lower at 10,589.10.
With Iran reaching an agreement on its nuclear programme, India is expected to be one of the major gainers.
Faced with soaring demand, stagnant output at home and a need to diversify from Iranian crude imports lost to Western sanctions, Indian oil companies are hungry for deals like Oil and Natural Gas Corporation's ( ONGC's) Kashagan buy that promise supplies sooner rather than later.
Moody's said it expects exposure to low oil prices to shave off 0.8 per cent from real GDP growth on average across oil exporting countries in 2016.
The partial withdrawal would mean that Iran would stop exporting enriched uranium stocks as stipulated by the 2015 agreement.
Skittish investors snapped up gold and other safe-haven assets amid fears of a global economic slowdown
Welspun-Gujarat sewed up gains in early trades after the company announced pipeline orders to the extent of US$ 102 million from Iranian oil projects.
The government has re-invited initial bids for divesting its 33.5 per cent stake in Madras Fertilisers Ltd to a strategic partner along with management control.\n\n\n\n
An oil shock, reminiscent of 1979 crisis, nearly derailed Asia's third fastest growing economy as policy-makers spent more time fire-fighting controversies resulting from the absence of a coherent energy plan than taking decisive steps.
Krishna emphasised that India takes decision taking into consideration its domestic energy requirements.
US, EU have shut down the use of their financial systems for Iranian crude trade.
The US has extended waivers that exempt nine countries, including India and China, from fully complying with American sanctions targeting Iran's oil exports, citing their significant reduction in oil import from Tehran.
Or Iran may face the risk of losing its biggest client
OVL, IOC and OIL explored for oil and gas in Farsi block.
The waivers mean that financial institutions in the countries do not risk being cut off from the US financial system.
Further deterioration of the US-Saudi relationship will have geo-economic and geopolitical effects, says Nitin Pai.
In a late-night tweet in capital letters, he said Iran must 'never, ever threaten the United States again'.
Iran will open what is being touted as the Middle East's largest oil refinery, Shazand, in the central Iranian city of Arak in the next few days.
Afraid of US sanctions, State Bank declines payment facilitation for oil imports from Iran.
Japan is unlikely to be the "benchmark" for India when the Obama administration initiates the process of deciding the fate of Iranian sanctions on dozen countries, which according to a US legislation need to "significantly" reduce their dependence on oil from Iran.
Politicians, bureaucrats hold different opinions about the delaying of the 2+2 summit.
The ONGC-Hinduja combine would meet Iranian the authorities around mid-April to finalise 'participating agreement' for the development of Phase-12 of the giant South Pars gas field and South Azadegan oilfield, ONGC Chairman and Managing Director R S Sharma told reporters in New Delhi on Wednesday. The consortia was in Tehran earlier this month to do technical due diligence for the two fields but ended up being shown old data for the Phase-12 and no data of South Azadegan.
Iran may offer Indian oil firms equity in its oil and gas fields in return of New Delhi agreeing to buy natural gas from it.\n\n\n\n
Belgian-born Rich, whose trading group eventually became the global commodities powerhouse Glencore Xstrata, died in hospital from a stroke.
Tehran plans to lift exports by 500,000 barrels per day
The crisis is not upon India immediately, as the US sanctions give a six-month breathing space for countries to act.
Putin said the 'policy' pursued by Modi is the main 'guarantor' of relations between the two countries.
State-run Indian Oil Corporation will import 31.41 million tonnes of crude oil this fiscal, 53 per cent of which would be on term contracts.\n\n\n\n
Both crude benchmarks are now down around 20 per cent since their last peak in June
This is the first payment Indian refiners have made to Iran since February.
An Iranian delegation is expected to visit India this weekend to discuss an arrangement under which Union Bank will make payments to Halk Bank in Turkey.
His business successes which started with the international distribution rights for the Bollywood blockbuster movie 'Sangam' in 1964 made him one of the richest in Britain but it was the Bofors scam that made Srichand Parmanand Hinduja famous, or rather infamous, back home. SP Hinduja, as he was known, died in London on Wednesday after a prolonged illness. He was 87, a family spokesperson said. Born in a business family in Karachi, British India, he and his two younger brothers were accused of receiving payments totalling Rs 64 crore in illegal commissions to help Swedish gunmaker AB Bofors secure an Indian government contract.
Iran had in September 2008 approved the commerciality of the discovery in the Farsi block. The discovery, which was subsequently named Farzad gas field, may hold inplace reserves of up to 21.68 trillion cubic feet (Tcf), of which recoverable reserves may be 12.8 Tcf. The Indian firm want to liquefy the gas and ship it to India in the form of liquefied natural gas.
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