Thursday, December 27, 2007

Volatility in international crude prices marks 2007

The year 2007 was marked by volatility in international crude oil trading with prices threatening to touch the $ 100-mark in the last quarter;government giving major thrust to exploration and production (E&P)  activity; oil marketing companies making acquisitions abroad with private sector and putting on offer 57 new blocks under the seventh Round of the New Exploration licensing policy(NELP).

The year also witnessed the biggest foreign direct investment (FDI) in the petrolium sector  with Indian born billionaire,L.N. Mittal joining hands with Hindusthan petrolium corporation limited to pump in nearly rs. 3,506 crore for the Bhatinda Refinery in punjab.

The rising crude oil prices threatened to derail the gains made by the OMCs by strengthening of the rupee.The Indian basket touched around $92.13 in November.Govt.issued oil brands to absorb the impact;major acquisitions by Indian cos.
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