Tough Times for India's Oil Companies

India’s oil companies are taking the brunt of the global financial meltdown, recession and declining demand, exacerbated by a falling rupee against the US dollar, with acquisition, hiring and expansion plans all increasingly uncertain. In particular, the situation has played havoc with a US$2.6 billion bid by the state-owned Oil & Natural Gas Corp for Imperial Energy, a UK-based exploration company active in the Russian Federation.

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