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Cairn Energy : India denies asking state banks to withdraw cash held abroad over Cairn dispute


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NEW DELHI (Reuters) - India s government on Sunday denied asking its state-run banks to withdraw funds from their foreign currency accounts abroad on fears that Cairn Energy may attempt to seize the cash in a tax dispute, adding New Delhi was open to resolve the matter.
London-listed Cairn is involved in a long-drawn out tussle with the Indian government over tax claims and was awarded damages of more than $1.2 billion by an international tribunal late last year.
New Delhi has filed an appeal against the decision it calls highly flawed .
Citing government officials and a banker, Reuters and other media reported on May 6 that the finance ministry had asked state-run banks to withdraw the foreign funds on concern that courts abroad could order that assets in their jurisdiction - including bank accounts - be remitted to Cairn. ....

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Cairn Energy, Cheiron to Buy Shell's Western Desert Assets in Egypt for $646 Million -- Update


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Cairn, in consortium with Cheiron, has agreed to acquire Shell s oil-and-gas portfolio in the Western Desert of Egypt for $646 million upfront and up to $280 million in contingencies
The group has also agreed a $460 million asset disposal in the U.K., and said it is taking all necessary steps to realize the $1.2 billion Indian damages award
Cairn s 2020 net loss came in at $394 million
By Jaime Llinares Taboada
Cairn Energy PLC on Tuesday said that its consortium with Cheiron Petroleum Co. has agreed to acquire Royal Dutch Shell PLC s Western Desert assets in Egypt for $646 million.
The FTSE 250 energy company said Western Desert will expand and diversify its producing asset base, as the deal is expected to add 33,000-39,000 barrels of oil equivalent a day in 2021 of which 66% is gas. Cairn will acquire 50% of the assets and pay 50% of the price. ....

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