India: Oil firms are weeks away from bankruptcy

phantom power

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Tue May-27-08 10:18 AM
Original message

India: Oil firms are weeks away from bankruptcy

There was no diesel for a day at a gas station in north India recently. The public sector oil companies are slowing down the issue of new gas connections to households. The private sector oil companies are closing down petrol pumps and exporting petrol and diesel. Kerosene is not easily available in the public distribution system; the open market rate is around Rs 30 a litre when the official rate is under Rs 10.

If you think these are isolated events, think again. A fuel shortage looms ahead of the nation as the oil companies rapidly head towards bankruptcy.

http://sify.com/finance/fullstory.php?id=14678154

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pscot

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Tue May-27-08 10:37 AM
Response to Original message

1. Any notion what CRORE stands for?

I got the jist, but I felt I was missing a key bit of information.

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BlueEyedSon

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Tue May-27-08 10:40 AM
Response to Reply #1

2. Google it.

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phantom power

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Tue May-27-08 10:40 AM
Response to Reply #1

3. apparently, it's a word they use for "10 million:"

A crore is a unit in the Indian numbering system and was formerly a unit in the Persian numbering system, still widely used in Bangladesh, India, Maldives, Nepal, Pakistan, and Sri Lanka, and formerly in Iran. An Indian crore is equal to 100 lakh or 10 million. An Iranian crore is half a million (500,000).

Note that although lakhs are used in Sri Lanka, most Sri Lankans do not use the term crore when referring to money to terms in millions.

The word is used in the Indian title of the popular Who Wants to Be a Millionaire? game show, Kaun Banega Crorepati - literally "Who will be a ten-millionaire?".

http://en.wikipedia.org/wiki/Crore

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The Evolutionist

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Fri May-30-08 07:22 AM
Response to Reply #1

4. Crore

Crore = Ten Million (1,00,00,000)

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