India vies for US investment

NEW DELHI, July 12, 2016 – Indian Minister of State for Petroleum and Natural Gas Dharmendra Pradhan will travel to the US for a roadshow centred on the so-called Discovered Small Fields Bid Round 2016, his office announced on Tuesday.

Pradhan will kick off the international roadshow in Houston on July 13 before travelling to Washington, D.C., for a meeting with Secretary of Energy Ernest Moniz. During the Houston event, prospective investors will have access to a data room at ONGC Videsh’s office. The roadshow will also call at Calgary, Canada.

Also on Tuesday, reports came out regarding a claim filed by the UK’s Cairn Energy against India. Submitted to a Geneva-based international arbitration panel on June 28, the explorer seeks some USD 5.6 billion in compensation for a tax demand over its asset sale to Vendata Group in 2006. In March of this year, Indian tax authorities slapped Cairn Energy with a USD 4.4-billion demand notice.

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