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 By  N Sundaresha Subramanian ET Homegrown chartered accountantand consultancy rms are crying foul, alleging that the selection criteria applied by several public-sector undertakings (PSUs) while awarding work are unfavourable and against the spirit of the Prime Minister’s ambitious Atmanirbhar Bharat campaign. Calling it a deliberate attempt to favour the Big Four, they are blaming the state-owned behemoths for keeping Indian rms out of work by drafting conditions that aid only multinational entities. From Oil India Ltd (OIL) to Bharat Heavy Electrical Ltd (Bhel), several PSUs are seen either bluntly limiting tenders to the Big Four or cleverly couching the prequalication criteria to pre-empt the participation of potential competitors domiciled in India. The latest to join that list has been stateowned natural gas processing and distribution major Gail. In September, the state-owned Maharatna published a tender notice in which the rankings given by a foreign publication was t...

The Telegraph Dated: June 08, 2020 By: Reuters Opec, Russia and allies agreed on Saturday to extend record oil production cuts till the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10 per cent of global supplies from the market. The group, known as Opec+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September. Opec+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis. Those cuts were due to taper to 7.7 million bpd from July to December. “Demand is returning as big oil-consuming economies emerge from the pandemic lockdown. But we are not out of the woods yet and challenges ahead remain,” Saudi energy minister Prince Abdulaziz bin Salman told the video conference of Opec+ ministers. Benchmark Bren...