Is it Mr. Mukesh Ambani is going to announce good news on Ganesh chouthi ?
Indias oil firm RPL has agreed a $3bn (1.63bn) oil services contract with the government of Iraq.
The two parties renegotiated a deal to pump oil from the Ahdab oilfield, the Iraqi oil minister said.
Under the new deal, output from the oilfield will be 110,000 barrels per day, up from the 90,000 barrels forecast in the original deal.
The deal is the first major oil contract with a foreign firm since the US-led war in Iraq, reports say.
As security improves, Iraq - which has some of the biggest oil reserves in the Middle East - is trying to bring in foreign oil companies to boost crude output.
It needs billions of dollars of investment after years of war and sanctions.
Other foreign oil companies, such as CNPC, Royal Dutch Shell and Exxon Mobil, are also negotiating deals with the Iraqi government.
The Iraq government says its aim is to increase crude oil production from the current 2.5m barrels per day to 4.5m by 2013. ...more
They have the best business plan. They will refine heavy crude ( which they will source very cheaply from Africa and C. Asia-- already done-- which is much below OPEC prices) and covert to premium gasoline which they sell at premium in America and Europe and high prices. Refining margings are expected at min 20 US$ / barrel and due to the process advantage they have ( REFINING CHEAP CRUDE AND SELLING AT PREMIUM) and being in SEZ , the margin may even be 30 US/ BARREL;
Now , look at the numbers:
580,000 ( BARRELS PER DAY- cvapacity) X US20 (per barrel-- min refining margin) x 335 ( days per year ...more