Business

New Delhi, Jul 1 (PTI) State-owned Oil and Natural Gas Corp (ONGC) has discovered over 230 million tonnes of in-place oil reserves in the last three years, Petroleum Minister Dharmendra Pradhan said Monday.

In a written reply to a question in the Lok Sabha, he said India's top oil and gas producer ONGC as on April 1, 2019, has in place oil reserves of 459.84 million tonnes.

These reserves are spread over 16 assets it currently extracts oil from, he said.

"ONGC has established 230.29 million tones of oil initial-in-place during the last three years," he added.

Baghdad, Jul 2 (AFP/PTI) Iraq is establishing a financial "loophole" to continue buying vital gas and electricity from Iran despite US sanctions, AFP has learned, mirroring a European mechanism that came into effect Friday.

The "special purpose vehicle" (SPV) would allow Iraq to pay for imported Iranian energy in Iraqi dinars, which Iran could use to exclusively buy humanitarian goods, three senior Iraqi officials said.

Washington, Jul 2 (AFP/PTI) The United States on Monday proposed USD 4 billion in tariffs on a range of European Union products -- including parmesan cheese and Scotch and Irish whiskey -- over subsidies for commercial aircraft.

The list also includes sausages, hams, pasta, olives and many other cheeses including reggiano, provolone, edam and gouda.

"Today, the Office of the US Trade Representative is issuing for public comment a supplemental list of products that could potentially be subject to additional duties," it said in a statement.

Mumbai, Jul 2 (PTI) As many as 52 flights were cancelled and another 55 diverted to nearby airports due to the inclement weather and skidding of a SpiceJet aircraft at Mumbai airport Monday night, an official said Tuesday.

Efforts are underway to remove the Boeing 737 aircraft from the runway and restore operations as early as possible, the official said.

KUWAIT CITY, July 1 (Xinhua) -- Kuwait will increase its crude oil production to 100,000 barrels per day (bpd), the national oil corporation said Monday.

"A deal with Halliburton will hopefully lead to the production of 100,000 bpd in Kuwait," Emad Al-Sultan, CEO of Kuwait Oil Company (KOC), said during a press conference held for signing contract with the U.S. oil field service company.

BEIJING, July 2 (Xinhua) -- The Communist Party of China (CPC) is a very dynamic organization and by far the most successful political organization in the world, according to a prominent China expert from Britain.

Martin Jacques, a senior fellow at Cambridge University, made the remarks in an interview with Xinhua on the sidelines of the second Wanshou Dialogue on Global Security, which lasts from Monday to Wednesday.

Jacques said the CPC has been very successful at reinventing itself to move with the times, which is quite difficult for big parties like the CPC.

NEW YORK, July 1 (Xinhua) -- The U.S. Toy Association was "relieved" at Washington's decision to halt additional new tariffs on Chinese imports, the association said Monday.

"It is our hope that renewed negotiations will produce meaningful progress, while we remain adamant that tariffs on children's toys is the wrong approach and should never come to pass," said Steve Pasierb, president and chief executive of the association, in a statement.

VIENNA (AP) — OPEC is extending its deal to cut production for another nine months in bid to keep oil prices from sagging as the oil cartel faces a weakening outlook for global demand.

The decision among the members of the Organization of the Petroleum Exporting Countries came during a meeting Monday at the cartel’s headquarters in Vienna.

Kolkata, Jul 1 (PTI) West Bengal has exceeded the Goods and Services Tax (GST) collection target of 14 per cent in the month of March 2019, the assembly was informed Monday.

"Our record in terms of GST collection has been one of the best in the country. The state has exceeded the GST collection target of 14 per cent in the month of March 2019," Finance Minister Amit Mitra Monday said.

While lauding the performance of the state government, Mitra said the government has also increased the expenditure on state development schemes from Rs 57,779 crore to Rs 71,113 crore.

TOKYO (AP) — Japanese whalers returned to port Monday with their first catch after resuming commercial whaling for the first time in 31 years, achieving the long-cherished goal of traditionalists that is seen as largely a lost cause amid slowing demand for the meat and changing views on conservation.