Following a nuclear deal reached in Geneva, the European Union has removed the ban on insuring tankers transporting Iranian oil. The EU also agreed to release USD4.2 billion in frozen oil assets and permit Iranian crude exports to continue at its current levels.
Fortune Global 500 and Malaysian oil company Petronas will be divesting its shale gas assets in Canada's Progress Energy Resources Co. Petronas was reportedly selling part of its stake to Indian Oil Corp.
As of 11 a.m. on Monday, the Indian Oil Corp was the only bidder left for the 31% stake of Haldia Petrochemicals, said sources.
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