India seeks $2.2 bn to build s2nd phase of strategic oil reserves
MUMBAI, February 4 (Reuters): India’s petroleum ministry has sought 150 billion rupees ($2.2 billion) from the finance ministry to build the second phase of the country’s strategic petroleum reserves, Oil Minister Dharmendra Pradhan said on Thursday. Strategic storage reserves are underground rock caverns used to store crude oil that can be used in case of a supply cut-off to a country.
LafargeHolcim considers revised divestment plan in India
ZURICH, February 4 (Reuters): LtdLHN.VX is reviewing its divestment plan in India after talks with Birla Corporation Limited (BCL)(BRLC.NS)for the sale of the Jojobera and Sonadih cement plants in Eastern India fell through, it said on Thursday. “LafargeHolcim today announced that it is considering a divestment of its interest in Lafarge India with an annual cement capacity of around 11 million tonnes,” it said. The divestment would require the approval of theCompetition Commission of India (CCI) as an alternate remedy for the merger of the group’s legacy companies, it said, adding talks with CCI continued.
