NEW DELHI: Iraq has offered three discovered oil blocks to India and has agreed to consider investing in Indian Oil Corp's 300,000 barrels per day Paradip refinery, an oil ministry statement said yesterday.
Baghdad has also offered to consider extending 60 days credit for crude sales to India, the statement said. Iraq has emerged as the second-biggest crude oil supplier to India after supplies from Iran were hit due to pressure from western sanctions. Iraq has offered three discovered oil blocks in the Middle Furat oilfields on a nomination basis, the statement said.
Axis Bank to open branch in Britain
LONDON: Axis Bank, India’s third-biggest privately owned lender, has been granted a banking license in Britain and will open its first branch in the City of London today. The bank received approval in April from Britain’s financial regulator to provide a full range of banking services including deposit-taking and making loans and investments.
Italy eyes Cyprus
oil and gas drilling
NICOSIA: Italy’s ENI said yesterday it expects to start exploratory drilling for gas and oil off the east Mediterranean island of Cyprus in mid-2014. “We are focused on gas and I believe it is gas, but there might be oil as well... we expect to drill our first well in 2014,” said ENI CEO Paolo Scaroni.
Reuters
