US eases export controls for hightech sales to India

progress against our strategy and plans, delivering another quarter of strong operational and financial performance,” said chief executive Bob Dudley in the statement.

“We brought two more major projects online, high-graded our portfolio through acquisitions such as BHP’S US onshore assets and invested in a low-carbon future with the creation of BP Chargemaster.

“Given this momentum and the strength of our financial frame, we are increasing our dividend for the first time in almost four years. “This reflects not just our commitment to growing distributions to shareholders but our confidence in the future.”

BP follows in the footsteps of broadly upbeat Q2 earnings from Anglo-dutch rival Royal Dutch Shell, Repsol of Spain, Total of France, and US titans Chevron and Exxonmobil.

Rising oil prices translate into rising revenues and profits for energy majors and producer nations.

The market has surged on the back of a December 2016 deal between the Organization of the Petroleum Exporting Countries (Opec) cartel and Russia to curb output. WASHINGTON: The United States has eased export controls for high technology product sales to India, granting it the same access as Nato allies, Australia, Japan and South Korea, US Commerce Secretary Wilbur Ross (pictured) said on Monday.

Ross, speaking at a US Chamber of Commerce event, said the move to grant Strategic Trade Authorization status STA1 to India reflects its efforts to improve its own export-control regime, its adherence to multilateral export rules and its growing status as a US defence partner. “STA1 provides India greater supply chain efficiency, both for defence, and for other hightech products,” Ross said, adding that the elevated status would have affected about $9.7 billion worth of Indian goods purchases over the past seven years.

India’s Ambassador to the United States, Navtej Sarna, told the same forum the US move was a logical step after the United States designated India a major defence partner in 2016.

“It is a sign of trust, not only in the relationship, but also (in) Indian’s capabilities as an economy and as a security partner, because it also presupposes that India has the multilateral export control regime in place which would allow the transfer of more sensitive defence technologies,” he said.

“It also testifies to the excellent record we have had in maintaining non-proliferation of these technologies,” he said. “I certainly think it fleshes out our defence partnership in a big way.” Political and military ties between the countries have expanded significantly in recent years although trade differences have arisen since US President Donald Trump took office in 2017.

Ross’s announcement comes ahead of high-level talks between the United States and India in September that will be attended by US Secretary of State Mike Pompeo and Defense Secretary Jim Mattis. The September 6 talks have been twice postponed this year. — Reuters

BP net profit rocketed to $2.8 bn in the 3 months to the end of June — and hiked its dividend for the first time in 4 years