BHP pulls out of India exploration projects

<p>BHP Billiton has confirmed it is ceasing many activities in India.</p>

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.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.