Chidambaram meets counterparts from across the world
Washington D.C., USA: Finance Minister P Chidambaram has met US Treasury Secretary John Snow and underscored the importance of continuing the bilateral dialogue on various economic issues in the ties between the two countries. They also underscored the importance of continuing the dialogue under the Financial and Economic Forum.

Chidambaram also had meetings with the Finance Ministers of Israel and Germany, whose Chancellor, Gerhard Schroeder, will be visiting India shortly. Chidambaram learnt that Schroeder is keen to bring a business delegation to India - a reflection of the growing Indo-German economic interaction.

Chidambaram also met Israeli Finance Minister Benyamin Netanyahu, who offered to work with India in many areas, particularly in improving productivity in agriculture, cotton and oil seeds.

Chidambaram also had bilateral meetings with the Finance Ministers of Bhutan, Brazil, France, Japan, Singapore and Sri Lanka and the Development Ministers of the United Kingdom and Sweden.

Summing up his visit to Washington where he attended the policy-making committees of the World Bank and IMF, Chidambaram noted that, along with China and emerging Asia, India is poised to become a major driver of global growth in the medium term. India, he pointed out in a statement, has pursued its own design of domestic economic reforms since the early 1990s, duly incorporating the impact of political cycles.
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BHEL wins fourth order from Oman company
New Delhi: Engineering giant Bharat Heavy Electricals Ltd (BHEL) has won an Rs.115 crore export order from Petroleum Development Oman to supply three gas compressor packages. BHEL had earlier set up two power plants for the company.

The packages would be delivered by March 2006 and will be installed at Yibal, about 500 km from Oman's capital Muscat. BHEL's Hyderabad unit would manufacture the compressors while drive motors would be built at its Bhopal plant. This is the second such order from PDO for compressors and fourth order from the company.
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Daewoo sheds 30 percent stake in Myanmar block for OVL and GAIL
New Delhi: Daewoo International of South Korea will give 30 per cent of its stake in the A-3 block to OVL and GAIL. OVL and Daewoo International have also signed an MoU to jointly explore gas in Block A-3. The block lies adjacent to a block where large quantities of gas reserves were discovered earlier this year.

OVL and Gail have a similar equity participation structure in Block A-1 off the Myanmar coast where 4-6 trillion cubic feet of gas reserves have been found. Daewoo has 60 per cent interest in A-1 while Kogas of Korea has the remainder. Daewoo, the operator of both A-1 and A-3 Blocks, sees India as the market for the gas.
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