India offers Saudi Arabia stake in second phase of strategic oil reserve

India has sought reasonable oil prices from Saudi Arabia that will make crude economical to Indian state-owned refineries without hurting the ‘interest’ of the kingdom. (Reuters)
Updated 23 February 2018
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India offers Saudi Arabia stake in second phase of strategic oil reserve

NEW DELHI: India has offered Saudi Arabia a stake in the second phase of the south Asian nation’s yet-to-be-built strategic oil reserves, Oil Minister Dharmendra Pradhan said in New Delhi on Friday.
The government also discussed with Saudi Arabia investment opportunities in a proposed oil refinery with 1.2 million barrels per day of capacity on the west coast of India and a petrochemicals project in the south of India, Pradhan said.
Pradhan said India has sought reasonable oil prices from Saudi Arabia that will make crude economical to Indian state-owned refineries without hurting the ‘interest’ of Saudi Arabia.


US trade negotiators to visit China for fresh round of talks

Updated 1 min 16 sec ago
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US trade negotiators to visit China for fresh round of talks

  • Washington and Beijing are battling over the final shape of a trade deal
  • American officials are demanding profound changes to Chinese industrial policy
BEIJING: US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will visit China on March 28-29 for a fresh round of talks aimed at resolving the bruising trade war, the Chinese commerce ministry said Thursday.
After their visit, Chinese Vice Premier Liu He will head to the United States in April to continue the negotiations, ministry spokesman Gao Feng said at a press briefing.
Washington and Beijing are battling over the final shape of a trade deal, with American officials demanding profound changes to Chinese industrial policy.
President Donald Trump warned Wednesday that US tariffs on Chinese imports could remain in place for a “substantial period,” dampening hopes that an agreement would see them lifted soon.
Over the last eight months, the United States and China have slapped tariffs on more than $360 billion in two-way goods trade, weighing on the manufacturing sectors in both countries.
On Friday, China’s rubber-stamp parliament approved a foreign investment law to strengthen protections for intellectual property — a central US grievance — but critics said the bill was rammed through without sufficient time for input from businesses.