Iraq oil minister expects deal to up oil exports

Newly-appointed Iraqi Minister of Oil Ihsan Ismaeel poses for a picture at the Basra Oil Company in Iraq's southern port city, on May 9, 2020. (File/AFP)
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Updated 24 September 2020

Iraq oil minister expects deal to up oil exports

  • The agency was quoting the minister’s comments to state-owned newspaper Al-Sabah

CAIRO: Iraq’s oil minister Ihsan Abdul Jabbar expects an agreement with the OPEC+ group to increase Iraq’s crude oil exports, state news agency INA cited him as saying on Thursday.
The agency was quoting the minister’s comments to state-owned newspaper Al-Sabah. It did not give more details.


India’s Reliance to push on with retail deal in battle with Amazon

Updated 26 October 2020

India’s Reliance to push on with retail deal in battle with Amazon

  • The row is the latest development in a prolonged battle for dominance in India between Reliance

MUMBAI: Indian conglomerate Reliance has dismissed Amazon’s push to delay its acquisition of domestic retail giant Future Group, despite an arbitration panel suspending the deal following objections by the US online titan.
The row is the latest development in a prolonged battle for dominance in India between Reliance, owned by Asia’s richest man Mukesh Ambani, and Amazon, whose founder Jeff Bezos is the world’s wealthiest person.
Amazon, which owned a stake in one of Future Group’s firms that reportedly included an option to buy into the flagship company, claims that the $3.4-billion Reliance deal, announced in August, amounted to a breach of contract.
After an arbitration panel ordered the deal to be put on hold following Amazon’s request, Reliance said late Sunday that it would nevertheless “enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay.”
Reliance’s retail subsidiary RRVL said in a statement that it had followed “proper legal advice” before agreeing to buy Future Group, adding that the deal was “fully enforceable under Indian Law.”
Reliance, Amazon and Walmart-backed Flipkart have been locked in a frenzied contest for a share of India’s lucrative online market.
The acquisition of Future Group, which owns some of India’s best-known supermarket brands such as Big Bazaar, would strengthen Reliance’s presence in the hugely competitive e-commerce sector.
The arbitration panel has 90 days to give a final verdict on the Reliance-Future deal.