TDN Wold Desk:India has dropped an anti-dumping investigation over imports of polyester feedstock monoethylene glycol (MEG) from Saudi Arabia, but will continue the effort against Kuwait, Oman, Singapore and the United Arab Emirates, The Hindu reported citing government order.
But the government said that it will continue its probe into the UAE, Kuwait and Oman.
In an order on Monday, the government said Reliance Industries Ltd asked in February for Saudi Arabia to be dropped, after the company had sought the investigation in December into cheaper MEG exports by all five nations.
The order did not clarify why Reliance had only sought to drop investigation against Saudi Arabia. However,Indian laws allow such immediate termination after a written request from the affected domestic industry that sought the investigation.
It’s been assumed, though, that the $15 billion August 2019 deal between Saudi Arabia’s state-owned oil giant Aramco and Mukesh Ambani owned Reliance Industries Limited may explain why the Saudis were dropped from the probe.