NRI ( Page 63 of 84 )

Russia Energy Deals with East Asia September 30, 2013 16:44

Russia has consummated some huge energy deals with China in recent weeks. These deals are – or at least are being advertised as – major steps forward in the Russo-Chinese energy relations, Russia’s pivot to Asia – which uses big energy sales to upgrade its influence and standing – and the development of the energy base in Eastern Siberia, the Arctic and the Far East. All seen in Moscow as necessary preconditions for Russia’s return to the stage as a great, independent Asian power, and as a major energy player for years to come. In the biggest deal, worth an estimated $270 billion, Rosneft agreed to supply CNPC (China National Petroleum Corporation) with 365 million tons of oil over 25 years. In return, CNPC has apparently made a pre-payment to Rosneft of around 70 billion. The deal represents 15 million metric tons of crude oil annually for 25 years, at just over $10 billion each year. The oil will probably go through the existing Eastern Siberia-Pacific Ocean (ESPO) pipeline to Daqing, China Rosneft will also sell LNG (liquefied natural gas) from a terminal it is planning with Exxon Mobil on Sakhalin to Japanese trading firm Marubeni and the Sakhalin Oil and Gas Development Company, another Japanese company. Novatek, an independent gas producer, has meanwhile granted CNPC a 20% stake in its LNG project on the Yamal Peninsula in the Arctic. CNPC will become an “anchor customer” and import 3 million tons of natural gas annually. It is worth observing who got what from these deals to determine their significance. In Japan’s case, the deal with Rosneft clearly betokens a gradually improving energy and political relationship between Russia and Japan and probably presages other future deals – if a Russo-Japanese peace treaty and determination of the Kurile Islands can be signed and if Japanese concerns about Russian business can be allayed. This deal also hints at a growing Russian – or at least Rosneft – capability to sell LNG, an area where Rusia has lagged and which has cost it significantly as the international gas market changes. To the degree that it can develop an indigenous LNG capacity Russia benefits, especially in East Asia. But while Japan gains modestly and has hopes for the future, Gazprom – the leading gas company in Russia and chief rival to Rosneft and Novatek – has lost again in these recent deals. Although it says it is pivoting to Asia, there is still no gas deal with China despite constant announcements that one was forthcoming. The giant may be setting up a special-purpose company to manage development of a 15 million-ton LNG facility in the Far East, but Gazprom is clearly well behind its rivals in that region. Indeed, Gazprom’s entire record, going back a decade, has revealed a consistent stubbornness when it comes to selling gas of any kind to the Far East, a factor that has allowed its rivals to steal several marches. Just as Gazprom has lost a round, there appear – at least at first glance – to be significant advantages for Novatek and Rosneft. These companies will now be allowed to sell LNG abroad, signaling an end to Gazprom’s monopoly on gas exports. Moreover, they will clearly be active in the Arctic, the next great frontier of Russian energy, and with Chinese as well as Western companies. Rosneft in particular benefits in a number of ways. Rosneft and Transneft had already secured $25 billion from China in 2009 to build the ESPO oil pipeline and cover their very high indebtedness. With the recent acquisition of TNK-BP, Rosneft once again incurred huge debts that this prepayment will alleviate. Reportedly, it faced debt maturities between now and 2015 of $6.6 billion, $15.9 billion and $16.2 billion annually, so this new infusion greatly improves its balance sheet and allows it to show a real cash position, even though its working capital will be negative. This could attenuate future financing risks.

India sets up Gulf unit to track NRI tax evaders September 30, 2013 16:17

Government posts eight senior IRS officers abroad, including one in Abu Dhabi, as it tries to crackdown on flow of black money. India’s efforts to track down tax evaders could soon see officials monitoring the…

How to change your name legally in India September 30, 2013 15:52

There could be many reasons why a person wishes to change their name. Name change is usually required after marriage when the surname needs to be adjusted on documents such as passports. Another trend that…

How to Safely Transfer Money to India September 30, 2013 15:47

Non Resident Indians or anyone overseas sending money to India in the form of a personal cheque from their NRI accounts in India should be aware of the numerous cases where money sent gets lost…

Student's Account in ICICI Bank September 30, 2013 15:47

What is a Student's Account? A Student's Account is an NRE (Non-Resident External) Savings Account, specially created for student's, so you can manage you finances with ease and convenience, when you are studying out of…

School Fee for NRI Children in India September 30, 2013 15:41

Schools in India today have a fee structure that may surprise many Non Resident Indians who left India several years ago. Some schools have a different fee structure for the schooling of children whose parents…

NRIs Returning to India September 30, 2013 15:31

US based Kelly Services, has recently issued a report, stating that about three lakh Indian professionals employed overseas may return to India by 2015. The reasons normally stated are, depressed economy in the west, greater…

Gulf Indians protest decision to impose duty on TV sets September 30, 2013 15:22

Indians living in the Gulf region have criticised the government's decision to impose a 35 per cent duty, besides other charges, on television sets being brought into the country. NRIs and other airline passengers…

Gulf NRIs Place Under PBD Sun September 30, 2013 15:16

Pravasi Bharatiya Divas (PBD) is celebrated on 9th January every year to mark the contribution of Overseas Indian community in Indiaâs development of India. This year, the 11th PBD convention was held in Kochi, Kerala, to honour the contribution of Overseas Indian community in the nationâs development. Over 2,000 delegates from over 40 countries participated on the occasion. The conference had for the first time rightly focused on Gulf NRIs, who constitute the lion's share of the 25-million-strong Indian diaspora, and account for the 27% of nearly billion remittance that India receives annually. PBD Conventions provide a platform for exchange of views and networking to overseas Indians on matters of common interest and concern to them. They also help the India government to better understand and appreciate the expectations of the overseas Indian community from the land of their ancestors and more importantly, acknowledge the important role played by them in India's efforts to acquire its rightful place among nations. Prime Minister Manmohan Singh inaugurated the 11th Pravasi Bharatiya Divas 2013 in Kochi. The Chief Guest and President of the Republic of Mauritius Rajkeswur Purryag; the Governor of Kerala H R Bhardwaj; Union Minister for External Affairs Salman Khursheed; the Union Minister for Overseas Indian Affairs Vayalar Ravi; and, the Chief Minister, Kerala Oommen Chandy, were also present. While formally inaugurating the mega event, Prime Minister Manmohan Singh said, âAt a time of turbulence in many parts of the world, the safety and security of overseas Indian communities are uppermost in our minds. We derive comfort from the assurances that we have received from governments in the countries of your residence that they will do everything for your safety and security. We recognize that the primary responsibility rests with the host countries, but when needed, as was the case last year in Libya, our government will provide prompt and necessary assistance. Apart from physical safety, we are also concerned with the social and emotional well-being of our overseas brethren. We have therefore launched an insurance scheme for workers, established welfare funds in our embassies for distressed Indians, and created mechanisms to help vulnerable women abroad.â "As the Indian expatriate community develops a larger global presence, they also become more vulnerable to economic crises, conflicts, civil unrest or just senseless hate crimes. At a time of turbulence in many parts of the world, the security and the safety of overseas Indian communities are uppermost in our minds," he added. Lauding the contributions of expatriates, the PM said the government would everything that is possible to deepen their connection with India and advance their interests. "While honouring their achievements, we will also seek to facilitate their travel, business, education and make it easier for them to be a part of life in India, enjoy due rights and participate in India's economic development," he said. The President of Mauritius, Rajkeshwur Purryag, who was the chief guest at the inaugural session, said his country would lend all support to India's claim for a permanent seat in the UN Security Council. The PM released a stamp to mark the 100th anniversary of Gadar Movement, the historic struggle of overseas Indians in California to support the freedom movement of India. Manmohan Singh also announced that the government has decided to upgrade the Gadar memorial at San Francisco to a functional museum. Singh said that even though India's annual GDP growth rate could end up at less than 6% this year, the country would bounce back soon. Strong fundamentals supported by sound policies would ensure growth, he claimed. In addition, at the inauguration ceremony, the PM released a hand book for Overseas Indians to facilitate economic engagement and a commemorative postage stamp.

Gulf Indians warned not to carry home more than Rs 7,500 September 30, 2013 14:50

Indian embassies in the Gulf region have advised NRIs staying in the region not to carry large amount of Indian currency when travelling to India. "There have been some instances when NRIs have been found…

Rupee fall: How Gulf-based NRIs are making money September 30, 2013 14:46

Indian expatriates in Oman and other Gulf Cooperation Council (GCC) countries have started taking personal loans in a bid to take advantage of a record fall in the value of Indian rupee against local currencies,…

Non Resident Indians Parents Association September 30, 2013 14:38

NRIPA is a support group of parents of Non-Resident Indians. This is a non-profit, voluntary membership group, with a very cosmopolitan outlook. The Association was formed on New Years Day of 1998 and is registered…