BHP pulls out of India exploration projects

BHP Billiton has confirmed it is ceasing many activities in India.


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By :  ,  Financial Analyst

Mining company BHP Billiton has announced it will be pulling out of many of its exploration projects in India.

The firm revealed nearly all of the oil and gas works it is involved in will be halted as a result.

It was confirmed by the company that it is going to be giving up nine exploration blocks in the Asian nation, leaving it with just one remaining location.

Media reports have claimed the firm is unhappy with delays to regulatory approval and has pulled out of Indian activity as a result of these issues.

BHP Billiton's move comes only a short time after supermarket company Wal-Mart confirmed that it is quitting a joint venture in India.

Scott Price, chief executive of Wal-Mart Asia, explained the firm is pulling out of a deal with Indian company Bharti Enterprises – which operates cash and carry stores.

It was noted in a statement from the company that it would "continue to advocate for investment conditions" for foreign organisations.

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