Iran maps out LNG purchase deal with India
Tehran: Iran's Petropars company mapped out terms to sell liquefied natural gas (LNG) to India, even as an Indian team arrived in Tehran.

Petropars managing director Gholamreza Manouchehri , said his company had signed a memorandum of understanding with the Indian Oil Corp (IOC) that would create a consortium to set up a plant producing nine million tonnes of LNG per year. He was quoted as saying that out of this, 4.5 million tonne would be purchased by the Indians who had also expressed an interest in marketing the other 4.5 million tones.

The purchase agreement would be valid for 25 years.

According to Manouchehri, the Iranians would operate 60 per cent of an upstream phase in the offshore South Pars gas field in the Gulf, with the Indians running 40 per cent. The Indians would then take a 60-per cent stake in operating the downstream projects.

India imports 70 per cent of its crude requirements and demand is still rising. It is competing with China for stakes in foreign oilfields that will meet its energy needs. China last month signed a $70 billion oilfield development and LNG agreement with Iran.
Back to News Review index page  

Gold prices near 16-year high
New Delhi: Gold prices touched a 16-year high of $449 an ounce yesterday, before sliding to $446.75.

Analysts see prices rising as far as $500 an ounce, a level last seen in late 1987, amid expectations that the dollar would weaken further, making the metal cheaper for holders of other currencies.

Gold prices in India also saw an all-time high of Rs6655 per 10 gms.
Back to News Review index page  

McDonald CEO steps down
Chicago: McDonald's Corp CEO Charlie Bell, who was diagnosed with colorectal cancer in May, resigned to focus on his battle with the disease, the company has announced.

The fast food giant named vice chairman Jim Skinner as its new CEO, and the board elected Mike Roberts, CEO of McDonald's USA, to the position of President and Chief Operating Officer.

Skinner has been with McDonald's since joining the company in 1971 as a restaurant manager trainee and is a former head of its European business. In July, as part of a management shake-up designed to support Bell, he was given oversight of McDonald's operations in Asia, the Middle East, Africa and Latin America.
Back to News Review index page