Friday, August 19, 2011

British reach deal package with India

Friday, August 19, 2011

The United Kingdom and India is around 1 billion ? ($ 1.6 billion) in commercial offerings present, days after BP, the oil giant of India won approval to buy $7.2 billion in investments in oil and gas blocks owned by reliance industries.

The British Chancellor of the Exchequer, George Osborne and his Indian counterpart, Pranab Mukherjee, present the agreement Monday in London after the regular discussions that both countries every year to keep. The talks seek also to improve the financial partnerships and ways to support companies that try to build a presence in each country.

"The United Kingdom now make the largest foreign investment in India is" Mr Osborne Sunday said in a statement from his Office published. "British companies to compete with the best in the world, although some skeptical voices, and it is good for growth in the United Kingdom".

Mr Osborne and Prime Minister David Cameron are trying to increase trade in India, China and Brazil and break British dependency on finance as a source of income. The BP deal as much as $20 billion can be achieved, said the Treasury.

Five months after the announcement of the agreement, BP said at a 30 percent stake 21 of 23 blocks of reliance proposed take is, S. Jaipal Reddy, the Indian Oil Minister after a cabinet meeting in New Delhi last week.

Last year, BP signed to a contract from Brazil and sealed a partnership with Cnooc, the largest offshore oil producer in China to South China Sea licences.

When the reliance deal approved was announced in February, analysts. The wave of unrest from North Africa to the Persian Gulf made countries such as India and Russia more attractive to multinational oil companies look. And BP Chief Executive, Robert Dudley, was eager to grow to find new ways for BP, after it was forced, assets to pay for oil spill sell last year's Gulf of Mexico.

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