India oil minister says considering steps to keep fuel prices in check

Opposition leaders have criticized the Indian government for failing to rein in rising fuel prices, a politically-sensitive issue in one of the world’s biggest economies. (Reuters)
Updated 21 May 2018
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India oil minister says considering steps to keep fuel prices in check

NEW DELHI: India is looking at ways to keep rising fuel prices in check, its oil minister said on Monday, with retail rates for diesel and petrol touching record highs in capital city New Delhi and financial hub Mumbai.
Prices at the pump have surged on the back of rallying international markets for crude oil, which last week hit their strongest since late-2014 amid ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
“Various alternatives are being looked at,” Dharmendra Pradhan said in a televised speech, adding that he would “work out something soon.” He did not give details.
Opposition leaders have criticized the government for failing to rein in rising fuel prices, a politically-sensitive issue in one of the world’s biggest economies.
India is particularly at risk from stronger global prices for crude oil as it is the No.3 importer of the commodity, buying about 80 percent of its oil needs.
On Monday, industry lobby group FICCI called for an immediate cut in the excise duty on oil imports.
The cost of the growing thirst for oil around Asia will surpass $1 trillion this year, about twice as much as in 2015 and 2016, as oil prices touch $80 per barrel and continental demand hits a record.


Saudi Arabia and Spain’s Navantia plan combat management systems venture

Updated 18 February 2019
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Saudi Arabia and Spain’s Navantia plan combat management systems venture

  • The SANNI venture will integrate and adapt Navantia’s combat management systems for Saudi navy corvette ships

ABU DHABI: State-owned Saudi Arabian Military Industries (SAMI) signed an agreement on Monday with Spanish state-held shipbuilder Navantia to set up a joint venture to provide combat systems, the new partnership’s chief executive said on Monday.
The SANNI venture, the name of which stands for SAMI Navantia Naval Industries, will integrate and adapt Navantia’s combat management systems for Saudi navy corvette ships, said Antonio Barberan at the IDEX military exhibition in Abu Dhabi.
SANNI is also in talks with other potential customers in the Middle East, he said.
SAMI owns 51 percent of SANNI, with Navantia holding the remaining 49 percent.
In November SAMI and Navantia signed an agreement to jointly manufacture five corvettes for the Saudi navy.