Thursday, July 1, 2010

India loses to China in Africa-to-Kazakhstan-to-Venezuela oil

Indian Oil Minister Murli Deora traveled to Nigeria, Angola, Uganda, Sudan, Saudi Arabia and Venezuela this year, leading a record number of delegations to gain oil for the world’s third-fastest-growing major economy, Bloomberg reports. The flurry of visits is part of a new drive to find oil for India’s 1.2 billion people after losing out to China in at least $12.5bn of contracts in the past year.