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Modi's Houston visit may seal major energy deal
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SME Times News Bureau | 20 Sep, 2019
Prime Minister Narendra Modi's upcoming agenda-heavy US visit may start a
new phase of corporate relations between major energy companies of the
two countries.
According to industry sources, an energy major of
India Inc may finalise a deal to pick up equity stake in a US-based
Fortune 500 oil company. Reliance Industries (RIL), Adani, and Vedanta
are among the companies with significant investment in the oil and
energy segment.
RIL, Vedanta Cairn or Adani may take up a stake in an American oil major, sources said.
CEOs
of 16 leading American companies will attend the roundtable with the
Prime Minister in Houston on Saturday, including Baker Hughes, BP,
Cheniere Energy, Dominion Energy, Emerson Electric Company, ExxonMobil,
Perot Group and Hillwood, IHS Markit, LyondellBasell Industries,
McDermott, Schlumberger, Tellurian, Total, Air Products, Vinmar
International and Westlake Chemicals.
Further, public sector oil
companies including Indian Oil Corp are also likely to use the
opportunity to strike oil supply deals, in the wake of the recent
disruption in oil markets post drone attacks at Aramco's two oil
processing units in Saudi Arabia.
Modi will arrive in Houston on
Saturday and head for the roundtable with the chiefs of the energy
majors. He is also expected to meet top executives of various start-ups
and encourage them to have a wide presence in India.
On the
bilateral level, he would discuss various trade pacts with his US
counterpart. Besides cooperation in the field of defence and energy, the
two countries are likely to discuss action-steps for higher trade and
commerce.
Modi will be in the US from September 21 to 27. He will
participate in a rally of Indian-Americans in Houston besides
addressing the UN General Assembly in New York.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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