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This is an archive article published on December 26, 2010

OPEC not interfering in oil prices

The Organisation of Petroleum Exporting Countries OPEC does not interfere with the price movement in crude oil prices.

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OPEC not interfering in oil prices

Dubai: The Organisation of Petroleum Exporting Countries OPEC does not interfere with the price movement in crude oil prices and its members were committed to production quotas,the UAE Energy Minister Mohammed bin Dhaen Al-Hamili has said. UAEs production is the same as the production quota set by OPEC, Al-Hamili was quoted by the UAEs official news agency Wam as saying. He said adhering to quotas by the OPEC members was a good practice. Al Hamili said current crude oil prices do not reflect the market fundamentals. The Cairo meeting will also discuss the outcome of the 9th Arab Energy Conference,which was held in Doha from May 9-12,2010,as well as the Organisation8217;s cooperation with regional and global blocs on the environment and climate change.

Bharat Wire plans takeover

mumbai: Bharat Wire Ropes Ltd which has sold some of

its equity portion to the Wellspun Group is in the process to take over one listed company,it said. The companys total turnover at Rs 400 crore is expected to touch Rs 1,000 crore in five years time. Sundarji Mulji Shah,managing director,and Devchand Mulji Shah,joint MD,have donated Rs 67 crore in the last eight months and this figure will reach to Rs 100 crore by March 2011. This will be an all-time record of donations given in individual capacity in India, it said.

 

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