Technical Analyst, Ashwani Gujral is of the opinion that Housing Development Finance Corporation (HDFC) has aim of Rs 2200.

Gujral stated, “I think definitely financial space has a lot of strength, the PSU sector was lagging but now with inflation coming down, I think PSU banks will also catch up.”

One will see Rs 1350 shortly on HDFC Bank as it has made a fresh breakout, and HDFC is now hovering to attain a target of 2200.

New Delhi: The government is thinking over ways such as increasing petrol and diesel prices for coping with the surge in worldwide crude oil rates, which have resulted in oil companies losing Rs 170 crore a day.
According to the official sources that an increase of Rs 2 in petrol and a Re 1 in diesel prices is being mooted as Indian basket of crude oil passed over $69 a barrel mark.
Public sector oil companies are receding more than Rs 5.3 a litre on petrol and Rs 4.40 on diesel as Indian basket of crude oil has climbed 12 per cent since February 15, when petrol and diesel prices were down by Rs 2 and Re 1 a litre correspondingly.

Phnom Penh: In order to strengthen economic and energy ties, Cambodian Prime Minister Hun Sen left for India on Sunday.

India and Cambodia are expected to sign up various accords, including one in the area of oil and natural gas.

According to an official press release, during his visit to India, Hun Sen will meet with Indian President Abdul Kalam and also hold official discussions with his counterpart Manmohan Singh.

New Delhi: State-run gas utility GAIL (India) and Apollo Tyres has signed up a contract for making power from steam.

According to the company release, GAIL will supply steam from its Vaghodia Compressor Station (near Vadodara) to Apollo Tyres that would produce power for it.

After reporting an increase of 26.93% in net profit in Q1 June 2007,  Chennai Petroleum Corporation came up 4.32% to Rs 296.95 in afternoon trading. The company declared the quarterly results during the market hours.

At the same time, the BSE 30-share Sensex was up 190.68 points, or 1.27%, to 15,099.

New Delhi: Oil and Natural Gas Corporation (ONGC) lifted 33 notches to 369th position in the newly issued 2007 version of Fortune Global 500 list.

According to the company release, “After making a debut in the turnover-based annual Fortune Global club two years ago (with a rank of 459), ONGC has moved up steadily, thanks to its advancing topline.”

Crude oil prices remained firm after extending to an 11 month high on Monday (July 16). Oil prices soared on conjectures that, an augmentation in refinery demand may result in deficit of US oil reserves.

Additionally, there were suppositions that the Energy Department details that will be out tomorrow (July 18), will indicate a slump in inventories for a second week on refiners advancing operating rates.

Crude oil for next month delivery on the New York Mercantile Exchange (NYMEX) increased 1 cent, at USD 74.16 a barrel.

The contract was up 22 cents, or 0.3%, to USD 74.15 a barrel the highest close since Aug. 11.

New Delhi: According to the Petroleum Minister, Murli Deora that the government has not taken any decision to raise prices of transport fuels but will shortly hold meeting with oil companies on how to undertake the situation actuated by high global crude prices.

“We really do not want to hike the petroleum prices. But we are helpless when the international price increase like this,” Deora told.

Mr. Deora was referring to worldwide crude rates hitting the $78 a barrel in recent weeks.

Reliance Energy recorded a 25.45% enhancement in net profit to Rs 2,215.60 million for the quarter ended June 2007 from Rs 1,766.10 million in the corresponding period ended June 2006.

Oil prices dangled on Monday (July 23) as exports to Angolan oil facility commenced once more and on expectancy that US gasoline demand will decrease in place with the end of peak summer demand.

On the New York Mercantile Exchange (NYMEX), light, sweet crude for next month delivery slipped 38 cents, at USD 75.41 per barrel.

On the other hand, gasoline rates came down 2.06 cents to USD 2.1440 per gallon on NYMEX. Oil price slid further.

The next month Brent crude delivery dipped 18 cents to USD 77.46 a barrel on the ICE Futures exchange in London.

NYMEX heating oil futures vanished 0.22 cents to USD 2.0922 per gallon, whereas natural gas rates fell 27.6 cents, to settle at USD 6.170 per 1,000 cubic feet.

Castrol India zoomed 11.03% to Rs 280.35 and lead gainers path in BSE's ‘A’ group shares. The scrip beat up after the company declared adequate Q2 June 2007 results. The other gainers list includes Reliance Energy, Dena Bank, Jindal Stainless, Welspun Gujarat Stahl Rohren.

Castrol’s net earnings climbed up 31.05% to Rs 65.93 crore in Q2 June 2007 against Q2 June 2006. Sales climbed 13.26% to Rs 540.05 crore in Q2 June 2007 from Q2 June 2006.

New Delhi: Yesterday, the government generally suggested about a rise in petrol and diesel costs, even though it has kept retail prices unaltered.

Petroleum Minister, Murli Deora told, “We are trying very hard to see that prices are not increased, (but) I cannot say if they will never be raised.”

New Delhi: Yesterday, Finance Minister P Chidambaram alleged that the zoom in worldwide oil prices is a subject of serious concern and it was for the Petroleum Ministry to take a call on retail pricing of petroleum products.

“Yes, rising crude prices is a matter of grave concern... it is entirely for the Ministry of Petroleum to propose that (an increase in domestic fuel prices) and seek a view on this,” he said here.

Oil prices came up to USD 77 per barrel, nearing an record high on July 27, on buying supported by news of faster-than-expected economic development.

But, retail gas prices fell to their lowest level since late May.

Light, sweet crude for September delivery climbed up USD 2.07 to USD 77.02 per barrel on the NYMEX.

The gasoline rates for next month delivery grew 2.58 cents to USD 2.1017 per gallon after decreasing earlier. Gasoline futures finished the week 6.26 cents, lower by 2.9%.

Oil and gas futures fell on Wednesday after a governmental announcement displayed an unforeseen slump in refinery action and big declines in oil and gasoline stocks. Oil and gas futures jumped at once after the report’s release, and then traded volatile for the whole day.

For next monthe delivery, light, sweet crude delivery descended 27 cents to USD 72.15 per barrel on the NYMEX, and the gasoline came down 0.65 cent to USD 1.9377 each gallon.

On Friday, oil and gas futures declined below USD 71 per barrel on news of US subprime troubles and worries over the US economy.

For next month delivery, light, sweet crude descended 61 cents to USD 70.98 each barrel on the New York Mercantile Exchange (NYMEX).

On the other hand, gasoline rates for next month delivery vanished 0.3 cents to USD 1.93 per gallon.

In London, September Brent crude lost 33 cents, to USD 69.88 a barrel on the ICE Futures exchange.

The government is making plans to offload its stake from Oil India (OIL).

Government that hold up 98% stake in the company, plans to sell 10% stake of the company to state refiners together with the company`s IPO in February 2008.

The offloading route could facilitate the government to accumulate Rs 10 to 15 billion. Automatically, government’s property in the company will jump down to about 78% after the stake sale.

Oil prices dipped on Monday carrying on its downtrend since last week on US demand worries amidst troubles in the subprime mortgage area.

New York’s main futures contract, light sweet crude for next month delivery went down 15 cents to USD 71.62 per barrel.

In London, the value of Brent North Sea crude for the coming month delivery came down 16 cents to settle at USD 70.23 a barrel.

For September delivery, natural gas also closed down USD 0.026 at USD 6.794 per million BTUs.

New Delhi: International Finance Corporation (IFC) will provide $150 million as loan to publicly owned Petronet LNG Ltd (PLL) to construct a liquefied natural gas (LNG) import and regassification workstation in South India.

Oil prices mounted after the Energy Information Administration report a massive decline in crude oil and gasoline stocks for the week ended Aug. 10, 2007. Crude stocks were depressed by 5.2 million barrels, whereas gasoline stocks came down by 1.1 million barrels.

Additionally, worries over the new weather anticipate that a Tropical Storm Dean could pass over the south of the Gulf of Mexico stimulated oil to climb further.

Government-owned oil companies that are dropping off more than Rs 1.85 billion each day on sale of four fuel products, (petrol, diesel, domestic cooking gas (LPG) and kerosene) are seeking an immediate hike in fuel prices, report agency sources.

In a written reply in Lok Sabha, Dinsha Patel, State Minister for petroleum and natural gas alleged that the state-owned oil marketing companies have wanted correction in the costs of receptive petroleum products because of enhancement in worldwide oil costs.

Oil and gasoline futures finished lower on Thursday as capitalists shifted their interest to calm down the heated market worries and upset over the subsisting instability in the market; thus putting to rest concerns over the auspicated tropical storm.

For September delivery, light, sweet crude came down USD 2.33 to USD 71 a barrel on the New York Mercantile Exchange (NYMEX), whereas September gasoline rate descended 3.05 cents to USD 1.9783 per gallon.

Nymex heating oil went down 4.4 cents to USD 1.9829 a gallon.

In morning trades, Bharat Heavy Electricals (BHEL) decline 3.4% to Rs 1,549 on the Nifty. It has touched an intraday high of Rs 1,599.90 and an intraday low of Rs 1,541.

The company signed up MoU for 1000 MW Sudan Project.

It is trading with total volumes of 159,935 shares. Yesterday the share lost 4.99% or Rs 84.30 at Rs 1,603.60.

Suzlon Energy, the world’s largest fully integrated wind power company, is top gainer on the Nifty. The company stock had seen a big erosion in the past couple of trading sessions due to fall in global markets.

At 11:45am, its share is quoting at Rs 1,235.75, increased Rs 60.10, or 5.11%. The stock reached an intraday high of Rs 1,245 and low of Rs 1,203.20.

Yesterday, the oil and gas rates fell in the United States as worries relieved after storm Dean headed towards Mexico’s Yucatan Peninsula; and further than the U.S. energy facilities along the Gulf Coast.

As supply worries dropped off, fears about the stock market’s consequence on international demand came to the front position yet again.

For the next month delivery, light, sweet crude drop 86 cents to USD 71.12 each barrel on the NYMEX. The deal ended up from its intraday low of USD 70.05 per barrel.

Crude oil rates returned to their former condition on Wednesday after falling below USD 70 suddenly, on rumors of Hurricane ‘Dean’ retrieving durability and distressing oil facilities in Mexico.

The storm was auspicated to flap down into the earth on late Wednesday afternoon near Laguna Verde, Mexico’s sole nuclear power plant that is freezing operations.

Oil and gas rates gained on yesterday, recovering from the losses found earlier in the week. The gains were accompanied by a healthy stock market as capitalist reaction and prospect on the economic system bettered.

The oil markets have descended in the recent past regardless of the hurricanes threat.

For October month delivery, light, sweet crude oil rates ascended 57 cents to $69.83 per barrel on the New York Mercantile Exchange (NYMEX).

On the other hand, the gasoline rates for next month delivery arose 3.42 cents to $1.9232 a gallon.

New Delhi: A ministers group, formed to check out pricing and utilization of natural gas created from novel fields like the KG-D6 of Reliance Industries, is expected to hold its initial conference today.

New Delhi: For oil and gas exploration and fabrication in India and overseas, state-run Oil and Natural Gas Corp (ONGC) has tied-up with British oil major BP Plc.

After the two companies signed up a memorandum of understanding (MoU), R S Sharma, ONGC chairman and managing director said, “We need expertise and BP has domain knowledge of E&P business.”

New Delhi: Bharat Heavy Electricals Limited (BHEL) has announced the appointment of Anil Sachdev as the Director of Personnel and B Prasada Rao as industrial Systems & Products Director.

The company said in a statement, before these selections, Mr. Sachdev was watching out the Navratna engineering and manufacturing enterprise’s HR function as Executive Director, and Mr. Rao was directing the company’s Industry Business area as Executive Director.

New Delhi: Bharat Heavy Electricals Ltd has signed a memorandum of understanding (MoU) with Minerals and Metals Trading Corporation (MMTC) to collectively encourage and work towards improvement of exports of power plant equipment.

The MoU was signed by BHEL Chairman and Managing Director, Ashok K Puri, and his MMC counterpart, Sanjiv Batra.

Mumbai: Dragged down by growing oil costs and import payments by refiners, the Indian rupee could relieve today.

US crude traded above $74 per barrel, heading toward an all-time high of $78.77 hit in early August. Oil is India's biggest import.

The rupee closed at 40.885/895 a dollar on Monday, slightly below its last closure of 40.875/885.

Data on Monday depicted that India’s trade deficit in July extended by a quarter from a year earlier, as a speedily rising financial system took up imports.

The gas pricing issue under the New Exploration Licensing Policy (NELP) that is being mooted by an Empowered Group of Ministers (EGoM), seems to have started an argumentation on a need to have gas usage, valuation and bidding plans prepared to shun differences. The issue gains weight as it would directly effect Reliance Industries Ltd’s (RIL) gas pricing from its eastern offshore field.

New Delhi: For supplying petrol and diesel, Mangalore Refinery & Petrochemicals Ltd (MRPL) has signed up a four-year agreement with Shell India Marketing Private Ltd. The products comprise all grades of MS and HSD grades.

According to MRPL’s press release the contract is extendable by another two years.

Public sector oil companies were missing a huge Rs 150 crore daily on the sale of petroleum products.

Sarthak Behuria, the IOC chairman, said Indian Oil Corporation alone lost Rs 80 crore each day.

Rejecting to mention the amount of hike hinted by the oil companies to counterbalance the loss, Mr. Behuria said it was for the Centre to resolve.

New Delhi: BHEL, public sector equipment maker and NTPC, power generation company, have signed up a memorandum of understanding (MoU) to set up a joint venture in order to accompolish executing engineering, procurement and construction (EPC) activities in the power segment.

The cooperation between the two PSUs occurs at a time when the administration is thinking over establishing a second BHEL, promoted by NTPC.

Citibank has joined hands with IndianOil to offer ‘CitiBusiness’ with a target of achieving transactions worth Rs 400 crore by March next year. The reward programme is for small businesses and professionals. IOC and Citibank started their partnership in year 1997 with launch of co-branded fuel credit card. Citibank has over 1 million credit card users presently.

Oil costs climbed to a record settlement price on Tuesday as dealers anticipated the administration inventory to confirm tight supplies.

The worries of a supply limit also disregarded OPEC’s resolution to increase output.

Market analysts were of the opinion that even after OPEC decision to boost up oil fabrication by 500,000 barrels per day starting November 1, supplies get stretched.

After fluttering at the peak for a number of days, yesterday, the U.S. crude oil prices closed above $80 per barrel for the first time.

For next month delivery, sweet crude added up 18 cents to close at $80.09 per barrel at the New York Mercantile Exchange (NYMEX).

The price had hit $80.15 during the session and $80.20 during the earlier electronic trading. But, it was the first closing in what one investor called unchartered territory.

Kolkata: A CIL top functionary stated that the coal ministry has nailed down the new coal distribution plan that would be brought out by next week with a few modifications in the e-auction method.

Partha S Bhattacharya, Coal India Ltd chairman said that the administration is scheduled to reveal the fresh coal sale policy within a week.

This will reinstate e-auction of coal after it was banished since December 2006 accompanying exploitation and emergency of coal for core segments. At present, e-booking is followed up to sell coal in the open market by CIL.

Deepanjalinagar (Visakhapatnam DT.) – The Union Power Minister, Sushil Kumar Shinde, who was here to lay the foundation for stage II of NTPC Simhadri Super Thermal Power Project involving an investment of Rs.5,038 crore, on Sunday promised that ‘power will be made available to all in the country by 2012’.

Oil prices jumped to all-time high, and other energy futures also accompanied suit on Monday, on the back of anticipations that the Fed Reserve will slash the benchmark federal funds rate.

The rate cut will back up the stock markets and guarantee demand for oil and gasoline in the upcoming days.

For next month delivery, light, sweet, crude ascended $1.47 to $80.57 per barrel on the NYMEX. It also touched a peak of $80.70 on Monday (September 17).

Nicosia, Sept.19: Citadel Capital, an Egyptian private equity firm with investments in energy and cement, has awarded a 1.9 billion dollar contract to Japanese company Mitsui and South Korea’s GS Engineering.

The project, which represents one of the biggest engineering, procurement and construction projects ever signed in Egypt, provides for the creation of new hydrocracking facilities outside Cairo near the Musturud refinery, which is owned by the Cairo Oil Refining Company.

ONGC seeks an increase in the Gas prices and has requested the Congress Government to re-think on gas pricing. ONGC has requested an increase of nearly 50 per cent from the current price finalised by the Government. ONGC expects to get the market value of Gas and doesn't want Government to offer any subsidy on Natural Gas.

ONGC Chairman Mr. R S Sharma said, “We are hoping price of Administered Price Mechanism (APM) gas will be raised to Rs 4.5 per cubic metre or $ 2.5 per million British thermal unit (mBtu) from Rs 3.2 per cubic metre or $ 1.97 per mBtu.”

New Delhi: Oil and Natural Gas Corp (ONGC) on Wednesday said that it will commence production from its ultra deep sea gas discovery in the Krishna-Godavari basin off the east coast by 2012-13.

R.S. Sharma, ONGC Chairman, said, “The company is firming up an appraisal plan for integrated development of the discoveries in shallow to deepwater (northern) part of the KG-DWN-98/2 block along with other fields in adjoining nomination acreages, which is projected to yield 12-15 million cubic meters per day gas by 2012-13.”

Mumbai: State-owned oil major BPCL has sought an increase in petrol rates by Rs 4 and diesel by Rs 2 per litre in proportion to the climbing crude oil costs in the worldwide markets.

While addressing the news persons after its 54th AGM on Thursday, Ashok Sinha, BPCL Chairman and Managing Director said, “We are hoping the price of petrol and diesel would be raised by Rs 4 and Rs 2 respectively.”

“The three oil companies are losing Rs 150 crore per day and BPCL's share is 25 per cent of that,” Mr. Sinha commented.

Washington, Sept.22 : A renewable energy source designed to reduce greenhouse gas emissions is contributing more to global warming than fossil fuels, a study has suggested.

Measurements of emissions from the burning of biofuels derived from rapeseed and maize have been found to produce more greenhouse gas emissions than they save. Other biofuels, especially those likely to see greater use over the next decade, performed better than fossil fuels but the study raises serious questions about some of the most commonly produced varieties.

New Delhi, Sept 22 : ONGC Videsh Ltd (OVL) will sign Production Sharing Contracts (PSCs) for three deep water exploration blocks with the Myanmar Oil and Gas Enterprise (MOGE), a Myanmar government's undertaking.

Petroleum Minister Murli Deora, who is leaving on Sunday for a two-day visit to Myanmar, will also attend the signing of the contract.

Deora will be accompanied by Petroleum Secretary M S Srinivasan and OVL MD R S Butola.

Mumbai: In order to promote its subsisting refineries, Indian Oil Corp. Ltd (IOC) has decided to invest Rs 43,250 crore by 2011-12.

The India’s biggest public sector oil marketer will utilize funds primarily to increase annual refining capacity to around 80 million tonnes by the next five years.

IOC will also establish refineries and petrochemical plants, and explore for acquirements out of the country in the next five years.

New Delhi, Sept. 28 : Minister of Fertilizers and Chemicals and Steel Ram Vilas Paswan will release the National Policy on Petrochemicals here today.
The policy is aimed at promoting investment in upstream in downstream industries, increase production and consumption, create infrastructure and promote research and development of plastic and synthetic fibres.

Mumbai: Reliance Power is thinking over an initial public offering (IPO) to bring up around Rs 11,000 crore to finance the ultra mega power projects in Sasan and Rosa.

The sources said the company will file a draft red herring prospectus shortly.

Mumbai: Indian state-run explorer Oil and Natural Gas (ONGC) will expend Rs 5713 crore on the second development phase of a key field off India’s west coast.

In a declaration, the company said that the renovation would aid ONGC’s Mumbai High South field to fabricate 22 million tonnes of incremental oil.

“At current crude prices, the additional produce is valued at 530 billion rupees,” the company said.

New Delhi: Allaying the hearsay regarding increase in the kerosene and domestic Liquefied Petroleum Gas (LPG) costs, together with that of petrol and diesel in the recent year (2007), the Union Government on Thursday has sanctioned a financial package, comprising issuing of Rs. 23,457-crore worth oil bonds and branching out the funding plan on LPG and kerosene for the next three years.

Crude oil has climbed up to new all-time peaks in the Asian markets.

Currently, the crude oil is trading at $86.33 per barrel amid growing worry between Turkey and Kurdish rebels across the Iraq border.

In early trading, New York’s main oil futures contract, light sweet crude for next month (November) delivery, was 20 cents higher than the $86.13, which was achieved in late New York trades on yesterday.

Brent North Sea crude for next month delivery was 10 cents higher at a new record of $82.85 per barrel, after spiking $2.20 to $82.75 per barrel in London yesterday.

Brent’s earlier high of $81.05 was accomplished late last month, whereas New York crude has now exceeded its previous record peak of $84.10 reached during intra-day trade during last month.

Mittal Investments has signed a Memorandum of Understanding (MOU) with HPCL, Oil India, GAIL and France’s Total S.A. to develop a refinery and petrochemical plant in Visakhapatnam. LN Mittal group will also be working with HPCL to set up a refinery in Bhatinda, Punjab. The Bhatinda refinery project has been delayed for many years due to political issues and Mittal Group was successful in picking up 49% stake in the project.

In the statement issued, HPCL CMD Mr. Arun Balakrishnan said, "We have signed a memorandum of understanding to study the feasibility of a refinery and a petrochemical complex. We expect to receive the report by March."

Nicosia, Oct 23, Iaonnis Solomou : The Trans Anatolian Pipeline Company (TAPCO) has announced that it will change the route of the company's planned crude oil pipeline from the Black Sea port of Samsun to the Mediterranean port of Ceyhan.

The new route will run from Unye to Yumurtalik and will allow the flow of crude from Russia and the Caspian region to the Mediterranean Sea, without passing the heavily congested Bosphorus Straits.

The previous route, which was 550 kilometres long, will now be shorter by some 100 kilometres. Furthermore, Unye will allow larger offshore facilities than what could be build at Samsun.

Mumbai: State-owned oil and gas major ONGC has decided to invest around Rs 1,22,000 crore to expand its activities in the existing five-year (11th) plan period. This will also include Rs 20,000 crore investment in the country’s east coast.

Director R S Sharma, ONGC Chairman and Managing Director, said, “We have plans to invest Rs 76,000 crore domestically and Rs 46,000 crore overseas during the current five-year plan period ending 2012.”

New Delhi, Oct 29: Qatar Emir Sheikh Hamad Bin Khalifa Al-Thani today assured Union Petroleum Minister Murli Deora to consider Indian proposal for supplying additional quantities of Liquefied Natural Gas (LNG).

At a meeting in Doha earlier this morning, Al-Thani and Abdullah Bin Hamad Al-Attiyah, Deputy Premier and Minister of Energy and Industry, emphasised the need for greater cooperation between India and Qatar in the hydrocarbon sector.

Deora evinced interest of Indian companies to participate, including equity stake, in the various opportunities and projects in the hydrocarbon sector in Qatar. He said that the Indian gas market was emerging as a mature market.

New Delhi: Power Grid Corporation Limited (PGCIL) has announced publicly that it would set up base in Dubai, and is also considering 20 percent stake in Philippines National Transmission Company for $800 million.

While discussing the growing prospects and added plans, R.P. Singh, PGCIL Chairman and Managing Director stated that the scheme to build up a base in Dubai was to target West Asian projects that are liked to consultancy and infrastructure.

Additionally, Mr. Singh said that the company was looking at Saudi Arabia and Africa, comprising South Africa for running system operations and handling transmission and distribution projects.

New Delhi: Sonia Gandhi, UPA Chairperson has demanded the administration to shun hiking fuel rates at the moment, even though state-run oil companies are under great stress with global crude prices surging close to $100 per barrel.

Murli Deora, Indian Petroleum Minister met Ms Gandhi and Manmohan Singh on Friday to talk about measures to provide relief to the oil companies that are suffering loss by selling fuel at low costs.

Nicosia, Nov.3: Iran has threatened international oil companies which have shown reluctance to implement development projects in the country that it would re-examine and redefine its cooperation with them.

Noghrehkar-Shirazi, the Deputy Minister of Petroleum, said that scores of companies "were on standby to replace international oil companies which were thinking of abandoning their development projects in the Islamic Republic."

Earlier, the Pars Oil and Gas Company announced that it had set a deadline for Total and Shell until June next year to make their final investment decisions on linked upstream/liquefied natural gas exports projects with Iran.

Indian Oil Minister Murli Deora told on Wednesday that the government would take a decision on whether to raise prices of petroleum products next week.

"Government is very much alive to the problems faced by our PSUs. We are trying our best so that we find a solution soon," he said.

The petroleum ministry has planned to take to the Cabinet this week a proposal to either marginally raise petrol and diesel prices or cut duties to offset the impact of raising international oil prices, but the proposal is not being pursued this week

Reliance Power Ltd emerged as the lowest bidder in Krishnapatnam Ultra Mega Power project. Reliance Power quoted a price of Rs 2.33 per unit. Reliance Power has recently won Ultra Mega Power Project (UMPP) in Madhya Pradesh. Anil Ambani’s Reliance Power will set up UMPP with capacity of 4,000 mega watt at Krishnapatnam in Andhra Pradesh. The project cost is estimated at Rs 16,000 crore.

Nicosia, Nov 18 : Gaz de France, which is a major energy player in Europe, has acquired 45 per cent stake in the Alam El Shawish West licence in Egypt from Greek company Vegas Oil and Gas.

Covering 1,075 sq.km, this licence is located at the Abu Gharadig Basin in the Western Desert, south-west of Alexandria. Several significant discoveries have already been made there and an exploration program has been under way. Oil production is expected to begin very shortly, followed by natural gas production in the years to come. Vegas Oil and Gas will remain the operator for the licence.

New Delhi, Nov 24 : The Indian government has allotted rupees 10,460 crores (2.6 billion USD) for the development of new and renewable sources of energy in the country during the 11th five-year plan.

The Centre has yet to accept the recommendations of an expert committee report titled Integrated Energy Policy Report (IEPR), which has projected that renewable sources of energy may account for 5 to 6 per cent of country's energy mix by the year 2031.

The Centre has been investing in such projects and during the period 2004 to 2007, it allotted rupees 135.59 crores (34 million USD) for development of small hydro power projects.

New Delhi, Nov 28: Oil and Natural Gas Corporation Limited’s wholly-owned subsidiary ONGC Videsh has bagged two blocks in Brazil, namely deepwater Block 470 in the highly prospective Espirito Santo basin and shallow water Block 1413 in another highly prospective Santos basin, amid stiff competition from International companies.

Earlier, Agência Nacional do Petróleo (ANP), the regulatory agency of Brazil, had announced the opening of Brazil Round 9, in which, 271 blocks, distributed among nine basins, totalling almost 73,000 km² in deepwater, shallow water and onshore were on offer.

Washington, Dec 2: A new research by geologists has suggested that areas with high resource potential for geothermal energy can be identified using the ratio of helium isotopes.

Geothermal energy is an untapped alternative means of power for humans that lies deep within the Earth's surface. It is quite significant nowadays in the wake of depletion of fossil fuel sources and rise in global warming.

It has been estimated that within the continental United States, there is a sizable resource of accessible geothermal energy – about 3,000 times the current annual U.S. consumption.

Two important reasons this storehouse of energy has not been tapped is that locating the specific energy hot spots is difficult and expensive.

As per view of technical analysts, Suzlon Energy can be bought at current market price with the stop loss of Rs 1932 for a target of Rs 1966 – 1991. This is an intraday call for day traders.

The stock has touched an intraday high of Rs 1,993 and a low of Rs1,960. The stock is currently trading at Rs 1977 with a gain of Rs 35.85 or 1.85%.

Suzlon Energy is the 5th largest company in the world in its segment. The company has issued zero- coupon foreign currency convertible bonds worth 10 million to fund its organic growth initiatives.

On NSE, the stock has touched a 52-week high of 2,159.80 and a low of Rs 931.
The stock is trading at a P/E of 53.90 at current market price and has an earning per share of Rs 36.77.

As per views of technical analysts, Indian Oil Corporation is looking good for long term (7-8 months). Interested investors can buy the stock at Rs 640. If the stock market falls, buy it between Rs 605-540 levels over next few trading sessions. This is a delivery based calls and investors can buy it with strict stop loss of Rs 470 for a target of Rs 896 in short term and Rs 1408 in long term.

The stock of the company is currently trading at a P/E of 9 and offers an earning per share of Rs 71. On National Stock Exchange, the stock has touched its 52-week high of Rs 664 with a low of Rs 361.

Indian Oil Corporation Limited was formed in1964 as a result of merger between Indian Oil Company Ltd. and Indian Refineries Ltd.

The Indian government will hike the prices of diesel and petrol by January 2008, and this will help public oil firms to minimize loss they are incurring on selling fuel below cost, said Petroleum Minister.

M.S. Srinivasan, Union Minister of Petroleum and Natural Gas said, "We are definitely not ruling out the hike. There will be a hike, so be prepared for moderate hike in the prices of petrol and diesel.”

He further said that the increase would be minimal, and the hike has been necessitated by the increase in the global crude oil price, which is inching towards a 100-dollar per barrel mark.

India’s leading manufacturer of Wind Turbine Generators, Suzlon Energy Ltd has received a big new order from energy major ONGC, for 51 MW of wind turbine capacity.

The company would supply 34 units of Suzlon's S82 - 1.5 mw turbines to ONGC for the project in Kutch region of Gujarat. The order also covers operation and maintenance for the project for a period of ten years, an official release said.

Gujarat NRE Coke Ltd has announced that that the company has completed the acquisition of the Australian-based Elouera mine (Elouera) from world's largest resources group BHP Billiton. BHP Billiton is a part of the Illawarra Coal Business located in New South Wales, Australia.

The company stated in a release that the acquisition was made through Gujarat NRE Resources NL (Gujarat), the Australian flagship firm of the Gujarat NRE Coke group.

The New Delhi government has finally decided to levy an environment cess of 25 paise per litre on diesel.

Mrs. Sheila Dikshit, Chief Minister of New Delhi said, “A fund called the Environment Cess Fund would be started to help introducing clean air policy.”

The government has also decided to set up adequate number of centres at 19 border points to prevent the entry of polluting vehicles into the capital from neighbouring states, she added.

Videocon Industries has announced that the company will enter power generation with a capacity of 5000 MW of electricity. The company has plans to invest Rs 25k crore and is already looking for land in states of West Bengal, Chhattisgarh and Gujarat.

The company plans to raise money with equity and debt to finance the projects. Videocon Industries is also looking for a global partner to step into power generation sector. Industry experts believe that Videocon may also be looking at private equity placement to some big investor.

Country's largest engineering and construction company, Larsen & Toubro (L&T) announced that its Oman Unit, Larsen & Toubro (Oman) LLC has won  three orders worth over USD 190 million (Rs. 748 crore) from Dhofar Power Company and Muscat Electricity Distribution Company for electrical substations and associated works  and for executing the Muscat Golf Course in Oman.

Larsen & Toubro (Oman) LLC is a joint venture of Larsen & Toubro FZE and the Zubair Corporation and has been in operations for the last 14 years.

XL Telecom & Energy Ltd has announced that the Company has decided to enter into “Power Generation Sector” with initial investments in Spain, the current global destination for Grid Connected Solar Energy.

Saptashva Solar, a subsidiary of the company, will establish a series of "Solar Farms" for power generation in Spain with a 28 MW capacity target for the first year. The medium term target is to install close to 200 MW of these farms in Spain and surrounding Portugal alone, an official release said.

ONGC Mittal Energy Ltd. (OMEL), a joint venture between ONGC Videsh Ltd. (OVL) and Mittal Investment Sarl (MIS), has won an exploration block with estimated gas reserves of 2 trillion cubic feet in Trinidad and Tobago. The firm has won this exploration block, by beating United Kingdom’s Centrica Plc.

OMEL, the 51:49 JV between Mittal Energy and the overseas investment arm of state-run ONGC, made a revised financial commitment of around $204 million to win the block. Mittal Investment is owned by industrialist L.N. Mittal, who also owns Arcelor Mittal, the world’s largest steel company.

Time Technoplast Ltd has acquired 100% stake in Bahrain-based battery manufacturer Gulf Powerbeat WLL (GPW) for $10 million. The acquisition was made by the Mumbai-based company through its Hyderabad subsidiary NED Energy (NED) and the total investment will be financed through a mix of equity contribution from NED and raising debt overseas, an official release said.

GPW, Bahrain has installed capacity for telecom / automotive batteries of up to 150 mn AM with surplus capacity to produce vital battery components (grids and Lead plates) of additional 250 mn AH.

This acquisition of Gulf Powerbeat shall provide NED Energy 'ready to use' capacity which could be integrated fully with NED's operation in the next three months.

The growth of six infrastructure industries fell to 4.5% in October from 9.9% in the same period of the previous year, due to decline in production of crude petroleum and petroleum refinery, an official release said.
 
The infrastructure index, comprising sectors such as Cement, Crude, Refining, Coal, Electricity and Steel, declined to 6.2% from 8.9% in the corresponding period of last year, it added.

The Crude oil production registered a negative growth of 0.1% in October compared to 9.3% in October 2006 while, Refinery output grew by a much slower rate of 2.8% versus 18.1% in the same month last year.

State-run gas firm, GAIL (India) and Oil India Limited (OIL) have signed a memorandum of understanding (MoU) for joint cooperation in various business areas.

The agreement was signed by GAIL Chairman and Managing Director U. D. Choubey and OIL Chairman and Managing Director M. R. Pasrija.

GAIL (India) Limited, is India's flagship Natural Gas company, integrating all aspects of the Natural Gas value chain (including Exploration & Production, Processing, Transmission, Distribution and Marketing) and its related services.

The Petroleum Secretary, M.S. Srinivasan said on Wednesday that India is all set to increase retail fuel prices by next month (Feb 2008).

Mr. Srinivasan also said that a moderate increase in prices was likely that could speed up inflation.

India did not increase domestic fuel prices during last year (2007) even though the world fuel prices rose by more than half.

Mr. Srinivasan told, “The GoM (Group of Ministers) on food is meeting on eighth (January) and very soon after that there will be a meeting on fuel prices.”

Reliance Power, a subsidiary of Reliance Energy, has finally fixed the price range for its IPO at Rs 405 - 450 per share.

The issue will open on January 15, 2008 and close on January 18, 2008, an official release said.

The IPO estimated to raise between Rs 10,500 crore to Rs 11,700 crore with the sale of 26 crores shares in the public offer, making it the biggest ever IPO proceeds in India.

Cairn India is looking good for intraday trading. The stock is hovering around its 52-week high and can make a new high in today’s trading session.

Cairn India can be bought around Rs 254 – 257. For intraday, the first target is Rs 262 which should be easily met if the markets open positive. The second target is Rs 267 for the stock. The stock could make can new 52-week high today as Cairn India was among major gainers on Nifty yesterday.

Day Traders should keep a strict stop loss of Rs 251 for the stock. Other stocks from the sector, which look good for investment, include RNRL, GAIL, ONGC and Aban Offshore.

Sterlite Technologies Ltd has announced that the company has won a contract worth Rs. 1.4 billion ($ 35 million) from Rajasthan Rajya Vidyut Prasaran Nigam Ltd (RVPN) India for manufacture and supply of ACSR Moose Power Transmission Conductors.

The company is a leading global provider of optical fibers, power transmission conductors, and telecommunication cables.

While addressing the delegates at the New Exploration Licensing Policy-VII roadshow in Mumbai, Mr. M.S. Srinivasan, Union Secretary for Petroleum and Natural Gas stated that crude oil prices could reach $150 per barrel by the next two to three years.

Under the recent NELP, a total of 57 blocks are on offer to national as well as international oil companies.

Of the total blocks, 29 are onland and 19 deep water blocks. The number of shallow water blocks on offer this year is 9.

Mr. Srinivasan added that the bids for NELP-VII would close on April 11, 2008.

Nicosia, Jan. 10: The Turkish government has given Calik Energy and the Indian Oil Corporation (IOC) the green light to build a
300,000 barrels a day (b/d) refinery at the Mediterranean port of Ceyhan.

The joint venture expected to cost about $4.9 billion has received all the necessary licences for the refinery, which may at a later stage include a petrochemical unit.

Italian energy firm Eni and Kazakhstan's oil and gas company KazMunaiGaz will also participate in the project, which will be the fourth refinery planned to operate in the Mediterranean port of Ceyhan.

India's largest private-sector company, Reliance Industries (RIL), has announced yet another gas discovery in block KG OSN-2001/1 in the Krishna basin on the east coast of India.

This is the third gas discovery in the KG-OSN-2001/1 (KG-III-5) block, the company said, adding that the discovery has been named 'Dhirubhai-38'.

RIL is the sole operator of this block, which is spread over an area 1,100 square kilometers. The project was awarded to RIL during the third round of NELP

Hindustan Petroleum Corp Ltd has announced that the company has raised Rs 170 crore through the sale of oil bonds issued to the company by the government.

Hindustan Petroleum Corporation Limited (HPCL) operates as an integrated oil refining and marketing company in India. It offers petrol, diesel, kerosene, liquefied petroleum gas (LPG), aviation turbine fuel, naphtha, bitumen, low sulfur heavy stock, solvents, unleaded petrol and low sulphur diesel, and approximately 300 brands of lubricants.

HPCL had originally planned to raise Rs 300 crore via the 2012 bonds and Rs 185 crore through 2024 bonds. These bonds were issued by the government to compensate for selling fuel below market rates.    

India's petroleum major, Essar Oil Ltd has announced that Essar Energy Overseas Ltd, a subsidiary of the Company has entered into an agreement to acquire 50% stake in Kenya Petroleum Refineries Ltd. ("KPRL"). KPRL operates in Mombasa, Kenya with a capacity of 4 million metric tonnes per annum (MMTPA). The Government of Kenya holds the remaining 50% stake of KPRL.

However, the company has not revealed the cost of the acquisition.

The refinery in Mombasa, previously half-owned by Chevron, BP and Royal Dutch Shell, is the only one in eastern Africa. It currently produces LPG, gasoline, diesel, kerosene and fuel oil. The refinery is planned to be upgraded by adding secondary units at a project cost of USD 400-450 million, an official release said.

PTC India has announced that the company has raised Rs 1,200 crore through the qualified institutional placement (QIP) route. After the issue, company’s paid-up capital has increased to Rs 227.41 crore from Rs 150 crore earlier.

The company has allotted 7.41 crore equity shares of Rs 10 each at an issue price of Rs 155 per share aggregating Rs 1,199.94 crore in favor of qualified institutional buyers (QIBs), an official release stated.

Mangalore Refinery and Petrochemicals (MRPL), has announced that the cost of expanding its refinery capacity to 15 million ton is likely to jump to over Rs 11,000 crore due to the recent rise in input cost. The earlier estimates were around Rs 8000 crore for the expansion plans.

RS Sharma, Chairman, MRPL said, “The expansion of Mangalore refinery capacity from 9.69 million ton to 15 million ton was budgeted at Rs 8,000 crore in 2006 but is now being estimated to cross Rs 11,000 crore.”
Mumbai-based company is engages in refining crude oil in India. The firm is a subsidiary of Oil & Natural Gas Corporation Limited.

The D. E. Shaw group, a global investment and technology development firm, has made an equity investment of US$ 15 million in Soham Renewable Energy India Private Ltd. to fund its expansion plan over the next five years, a company official said.  

Incorporated in 2000, Soham is focused on generating power from all the segments of the renewable power sector, including hydro, solar, and wind power. The company has also obtained carbon credits under the Certified Emission

Reduction (CER) program for this project and has sold the credits to one of the largest power utilities in Japan.
Soham recently commissioned a 22 MW hydro project in the state of Karnataka to supply exclusive power to a large multinational corporation.

Power generation major, National Thermal Power Corporation is planning to generate around 600 MW of electricity using renewable energy resources in Tamil Nadu.

“The PSU was aiming at generating 1000 MW power under renewable energy mode and a major portion of it will be in Tamil Nadu,” T Sankaralingam, Chairman, NTPC said.

The projects would include wind mills and bio-mass units. It is believed that a blue print would be ready soon for a joint venture with Tamil Nadu Electricity Board (TNEB).

NTPC already has entered into a joint venture with TNEB for setting up Rs 7,500 crore thermal power plant at Ennore, with a projected capacity of 1,500 MW. The project was expected to be commissioned by 2010-2011.

Reliance Energy Ltd in consortium with CAF of Spain has been awarded the Airport Metro Express Line (AMEL), Project on BOOT basis for a concession period of 30 years.

The project has been awarded by Delhi Metro Rail Corporation Ltd (DMRC) through an International Competitive bidding process. The estimated project cost is about Rs 2,500 crore.

The proposed 22.7 km of high speed metro rail line shall connect New Delhi Railway Station and New Delhi International Airport through Cannaught Place.

Nicosia, Jan 26: The Kuwait Fund for Arab Economic Development has announced that it will lend 200 million dollars to the West Delta Electricity Company of Egypt for the construction of a new 1,300 mw power plant at Abu Qir near Alexandria.

The agreement for the first instalment of the loan amounting to 100 million dollars was signed by Marwan al-Ghanem, the Fund’s Regional Manager for Arab countries, and a representative of the Egyptian Ministry of Electricity and Energy.

Washington, Jan 26: New solar powered cars, which show off an improvement in elecric vehicle design, have been tested at the World Solar Challenge in Australia.

This event was an important eco-race, where 38 teams comprising of university students and hobbyist-engineers, raced their cutting-edge solar cars for five days across the Australian outback.

The region has some of the world’s most grueling terrains to race on.

Tehran, Feb.3: Petroleum ministers of India and Pakistan will visit Tehran later this month to discuss the next steps to be taken to activate a multi-billion dollar tripartite gas pipeline project to transport Iranian gas to India via Pakistan.

"We have invited the Indian Petroleum Minister (Murli Deora) with the Pakistanis to come here ... and they have accepted," Oil Minister Gholam Hossein Nozari told reporters here on Saturday.

"We are making efforts to make it a tripartite deal or it will become a bilateral one," he said.

The talks are to be held between February 14 and 16.

New Delhi, Feb 4: The meeting of the Union Cabinet scheduled for today to take final decision on increasing petrol and diesel prices, in view of spurt in international oil prices, has been postponed.

"It will meet shortly," a government official said.

The meeting was indicated to be held this afternoon to consider raising petrol price by Rs 2 a litre and diesel by Re 1 a litre together with some cut in excise duty on the two fuel.

New Delhi, Feb 6 : In its attempt to ease shortages of liquefied petroleum gas (LPG) cylinders, the Central Government has asked the public sector oil companies to increase its supply.

“We are taking all steps and you will see the situation will ease in next few days,” Petroleum Minister Murli Deora told reporters.

Islamabad, Feb 8: Sources in Pakistan's Ministry of Law have accused India of adopting delaying tactics in signing the landmark tripartite Gas Sales Purchase Agreement (GSPA), involving Iran, Pakistan and India.

Pakistan claims that it has been inviting India to hold the talks for settling the issues of the transit fee for gas transportation, but says the latter has never responded.

Sources further said Pakistan had offered to talk about the transit fee on February 7 in Islamabad, but India neither declined nor accepted the offer.

Nicosia, Feb 12: A record 20,000 MW of wind power were installed world-wide last year, with the United States, Spain and China providing the biggest annual increases, the Global Energy Council (GWEC) said.

World-wide wind power installed capacity stands at a record ,94,112 MW.

Steve Sawyer, Secretary General of the Brussels-based Global Energy Council, in a statement issued on February 6, said that the growth rates in wind energy continue to exceed the Council's most optimistic expectations.

Hyderabad-based, National Mineral Development Corporation (NMDC) anticipates that international price for iron ore may increase by 40-50% by April this year.

The price hikes in the international markets are determined mainly by Australian, Brazilian and Japanese iron ore positions, said V K Jain, director (production), NMDC.

The company is also eyeing acquisitions of iron ore mines in Canada and West Africa.

NMDC Limited engages in the exploration and production of a range of mineral products in India. The company has produced 20.1 million tonnes of iron ore during April-December 2007, recording a 12.5 per cent growth over the same period last year.

Nicosia, Feb 20: The Public Gas Corporation of Greece (DEPA) and the Italian Edison company at the end of January signed a letter of intent which will establish next month the Poseidon SA, the company that will own and operate the Poseidon sub-sea gas pipeline.

The 212-km- long pipeline will carry natural gas from the Caspian Sea and Iran to Western Europe when it is completed, at the end of
2009.

DEPA and Edison each have a 50 per cent share in the Poseidon pipeline which will be running from the Greek port of Stavrolimenas in northwest Greece, to Otranto in southeast Italy.

Nicosia, Feb 21: The Bahraini Oil and Gas Affairs Minister Abd al-Husain Mirza has said that he expects discussions between his country and Iran on the supply of natural gas to the island to be concluded before the end of the current year.

In the course of a visit by Iranian President Mahmoud Ahmadinejad in 2007 to Bahrain, the two countries signed a memorandum of understanding on the supply of one million cubic feet of Iranian natural gas a day to Bahrain.

Reliance Industries informed on Tuesday that the company has discovered more gas in an exploration block located in east coast of India. This is the eighth major gas discovery for the company in the block allotted to the company under the New Exploration and Licensing Policy (NELP-I) in 1999.

The company expects to produce 35-40 million cubic metres per day of gas from the block.  The company has named the latest gas discovery in Mahanadi shallow water Dhirubhai-40.  The company has notified Directorate General of Hydrocarbons regarding the new gas discovery.

Vienna, Mar 04 : Organisation of Petroleum Exporting Countries (OPEC) ministers in a meeting in Vienna decided today that the cartel would not increase oil production, as the price of crude struck a record high of almost 104 dollars.

The 13- member cartel produces 40 percent of world oil. Kuwait's acting oil minister, Mohammad al-Olaim also supported the views of OPEC's president, Algerian Energy Minister Chakib Khelil that they would not consider an output hike.

State gas firm GAIL India is eyeing to acquire Asian Development Bank’s 5.2% stake, which it likely to offload by 2008 end, in Petronet LNG, India’s largest liquefied natural gas (LNG) importer

GAIL, ONGC, Indian Oil and Bharat Petroleum, which hold 12.5% equity stake each in Petronet, have the initial right of refusal in case the multilateral agency (ADB) was to exit the company.

California-based Signet Solar, manufacturer of solar modules for power generation, plans to invest up to Rs 8000 crore (US$2 billion) in India in the next 5-7 years.

The company on Thursday has introduced its first manufacturing facility in India.

The proposed facility, located near Chennai will initially manufacture silicon thin film photovoltaic modules for 60 MW only. But once it become fully operational, it will cater to a capacity of up to 300 MW.

The first unit of 60 MW will be operational by 2009 and thereafter two units of 60 MW will be added each year till the plant reaches 300 MW. The facility will soak in an investment of Rs 2,000 crore.

CALS Refineries Limited, a North India-based company, has signed a MoU with the West Bengal Industrial Development Corporation and the Haldia Development Authority for a Rs 20,000 crore refinery project in Haldia.

The 20K crore project has been scheduled to be completed in three phases. The first phase will attract an investment of Rs 4000 crore for a 5 million tons capacity project.

The second phase will create employment for 1,500 people and will be commissioned by the end of 2010.

In third phase the company will set up a greenfield project at Nayachar with the investment of Rs 1200 crore. The final phase will be commissioned in 2013.

Bawana (New Delhi), Mar 24: Prime Minister Dr. Manmohan Singh will lay the foundation stone for 1500 MW gas-based power plant “Pragati Phase-III Power Project”, to come up at an estimated cost of Rs 4,500 crore in West Delhi, today.

Union Power Minister Sushil Kumar Shinde and Petroleum Minister Murli Deora will also be present on the occasion.

The proposed project (phase-III) has received clearance from Union Ministry of Environment and Forests.

Bharat Oman Refineries Limited (BORL), an equal joint venture between state-owned Bharat Petroleum Corporation (BPCL) and Oman Oil Company (OMCL), plans to raise Rs 2,400 crore through an initial public offer and other placements.

The company has filed the draft red herring prospectus with SEBI for the proposed IPO on Friday.

The company plans to sell a total of about 48% through the public offer and a pre-IPO placement to raise up to Rs 2400 crore.

The present issued and paid-up equity share capital of BORL is Rs 151 crore, which primarily comprises equity shares held by, inter-alia, BPCL and Oman Oil Company S.A.O.C.

Post the IPO, Oman Oil’s stake in the company is likely to reduce to 5 per cent.

Larsen & Toubro Ltd (L&T), India’s largest engineering conglomerate, has informed that the company has secured order worth Rs 576 crore from Hindustan Petroleum Corporation Ltd (HPCL).

HPCL has awarded L&T a large project order of 200,000 tonnes per annum Lube Oil Base Stock (LOBS) Plant consisting of Raffinate Hydrotreating Unit (RHT), Mobil Selective Dewaxing Unit (MSDW) & Hydro Finishing Unit (HF).

India's largest private sector company Reliance Industries Ltd (RIL) has announced yet another discovery in exploratory block KG-OSN-2003/1 (KG-V-D3) of Krishna Basin.

The deepwater block KG-DWN-2003/1 of NELP-V is situated 45 Kms away from the coast and covers an area of 3288 Sq. Km.

This is the second gas discovery in this block and has been named as ‘Dhirubhai-41’. The company holds a 90 percent participating interest in the block, while Hardy Exploration & Production India holds a 10 percent stake.

Moser Baer India Ltd, one of leading optical storage manufacturer, has announced that its subsidiary Moser Baer Photo Voltaic Ltd (MBPV) has signed an agreement with LDK Solar for sale and delivery of high quality multicrystalline silicon wafers.

Under the terms of the agreement, LDK Solar will deliver multicrystalline solar wafers to MBPV for producing PV cells that can generate 640 MW of solar power. MBPV will make a suitable prepayment to LDK Solar reflecting the contract value. The ten-year contract is based on a blend of take-or-pay and market linked pricing mechanism.

In order to ramp up company’s expansion in the technology sector, Reliance Industries Ltd. (RIL) has submitted a proposal to the Union Government for setting up two manufacturing facilities (a semiconductor wafer fabrication plant and solar PV module unit).

The motive of this proposal under the Government’s scheme is to promote semiconductor technology with a total investment of Rs. 30,000 crore.

Other companies that have submitted their plans under the Government’s scheme include Videocon Industries, Moser Baer PV Technologies, Titan Energy System, KSK Energy Ventures, and Signet Solar

ONGC Videsh Ltd (OVL), the wholly-owned subsidiary of India’s exploration and production major ONGC, is eyeing 40 percent stake, for $450 million, in Petróleos de Venezuela S.A., the State oil company of Venezuela.

In order to fulfill its plan, OVL will sign up a deal with Venezuelan company by the coming week.

The Union Petroleum Minister, Mr. Murli Deora, together with oil ministry officials will leave for Venezuela on Sunday for the signing ceremony.

On the sidelines of an oil & gas seminar organized by CII, Mr. Deora said, “I am going to Venezuela tomorrow and a deal will be signed.”

India's PSU Energy Major Oil and Natural Gas Corporation (ONGC) has informed that the company’s arm will sign an agreement on April 8 to buy 40% stake in the San Cristobal oilfield in Venezuela for about $ 450 million.

Venezuela, which is the only member in the OPEC from Latin America, is one of the top four oil producing countries in the world.

The acquisition will be carried out by the company's overseas arm, ONGC Videsh Ltd (OVL), which will sign the agreement with Petroleos de Venezuela S.A. (PdVDA).

PdVDA holds remaining 60% stake in the block. The block has estimated oil and gas reserves of 250 million tonnes

Brasilia - Brazilian President Luiz Inacio Lula da Silva is set to start a four-day visit this week to the Netherlands and the Czech Republic on a tour focused on ethanol and other bio-fuels, a sector in which Brazil is a global leader.

Brazilian presidential spokesman Marcelo Baumbach said Monday that Lula will tell European leaders that bio-fuels are "a cleaner alternative that causes less harm to the environment."

Nicosia, Apr 9: Qatar has aimed to raise production of Liquefied Natural Gas (LNG) from 31 million tons a year to 77 million tons a year by 2010, the country's Minister of State for Energy and Industry Affairs, Dr. Mohammed bin Saleh Al Sada, told the 16th Annual Middle East Petroleum and Gas Conference in Doha.

Qatar is already the biggest LNG exporter in the world and with a number of huge projects that will cost billions of dollars, mainly the two LNG processing trains - where gas is liquefied - it will add by the end of the year another 8 million tons to its LNG output.

Mexico City - President Felipe Calderon proposed sweeping reforms of the state oil company Petroleos Mexicanos (Pemex) Tuesday,

including the creation of "citizens' bonds" to raise fresh money for the company and provide dividends to private investors.

In a nationwide address, Calderon outlined six major measures to reform the company but insisted that Pemex "is not being privatized." He said it will continue to be a state firm and that the constitution would not be changed.

Bangkok - Thailand's PTT Exploration and Production (PTTEP) on Wednesday announced an asset swap agreement for Myanmar gas fields with China's state-owned CNOOC.

Under the agreement, the state-owned PTTEP will swap 20 per cent of its stake in Myanmar's offshore concession blocks M3 and M4 for 20 per cent stakes in CNOOC's A4 and C1 blocks.

"We are delighted to have an investment with CNOOC Ltd, which is the largest offshore oil and gas producer in China and has strong expertise in petroleum exploration and production," said PTTEP chief executive officer Anon Sirisaengtaksin.

New Delhi, Apr 10: Terming India as one of the largest emerging markets in the world, Venezuela's President Hugo Chavez on Thursday assured visiting Petroleum Minister Murli Deora of full cooperation in addressing India's energy security needs.

Expressing his happiness over the ongoing cooperation in the oil sector between both countries, President Chavez assured his support for more projects.

As per the views of Karvy Stock Broking Limited, the day traders can purchase ONGC stock between Rs 1000-1005 with a stop loss of Rs 995 to achieve an upper resistant intraday target of Rs 1028.

If the stock market remains on positive track, the ONGC stock could easily touch its next intraday target of about Rs 1030.

Shares of the company closed at Rs 1002.4 on Thurday at BSE. The total volume of shares traded was 295062. The stock has seen a 52-week high of Rs 1386.9 and a low of Rs 770 on BSE. Presently, the stock is showing P/E and EPS of Rs 13.07 and 76.91 respectively.

Vienna - The price for crudes produced by the Organization of the Petroleum Exporting Countries (OPEC) peaked at 103.74 dollars on Thursday, OPEC said Friday.

Setting a new record high, one barrel (159 litres) of OPEC- produced crude stood at 103.74 dollars on Thursday, up 1.36 dollars from the previous day and 86 cents up from its previous all-time high on March 14.

The price hike comes despite bearish remarks from International Energy Agency (IEA) officials who expected demand to soften, which would translate into lower prices, analysts said.

Mukesh Ambani-led Reliance Industries (RIL), the largest private sector company in the country, is reportedly in talks with global oil & gas companies to sell about 10% stake in the D-6 block in the Krishna Godavari (KG) basin, according to sources.

A financial daily reported that RIL may hive off its KG basin assets into a separate company and then offer close to 10% stake to a strategic partner.

Currently, RIL holds 90 per cent stake in this block, while another 10 per cent is with Nikko Resources.

Global investment banking giant Goldman Sachs is one of the key consultants for the deal and RIL is sharing necessary data with the prospective partners to reach a valuation for the deal, sources said.

State-owned Coal India Limited (CIL) has paid a record dividend of Rs 1,705.42 crore to the government for the fiscal 2007-08.

This is the highest ever dividend paid by the coal mining giant to the government which constitutes 27 per cent of the paid-up equity of CIL of Rs 6,316.36 crore.

Last year, CIL paid Rs 1,500 crore as dividend which was 23.75 per cent of the equity.

Coal India Ltd. through its subsidiaries offers coal mining and production services, coal based products and mining consultancy. The Public Sector Unit was founded in 1975 and is based in Kolkata, India.

Mexico CIty  - Opposition leader Manuel López Obrador led a massive protest rally in the capital Sunday vowing to block proposed reforms to the state-owned oil company Pemex.

The former presidential candidate also warned of a nationwide "civil resistance" to the government planned legal changes to allow greater private sector involvement in the public oil industry.

The leftist leader demanded "a national, pluralistic and democratic debate about the national energy sector."

Lopez Obrador also criticized news media for championing the government's position while ignoring opposing views.

Hanoi  - Vietnam's Ministry of Industry and Trade predicts the country will continue to suffer from a shortage of electricity through 2020, Vietnamese press reported Monday.

Vietnam's rapid economic growth, 8.5 per cent last year, has driven typical demand for electricity up to 13,000 Megawatts, while supply is just 12,000 Megawatts.

"We will always be short of electricity from now through 2020, not just this year or the next couple of years," said Deputy Minister of Industry and Trade Do Huu Hao. "We have to pursue rapid economic growth, while resources are limited."

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) remained close to last week's peak on Friday, OPEC said on Monday.

One barrel (159 litres) of crudes from OPEC's reference basket stood at 103.67 dollars on Friday, down 7 cents from Thursday's peak of 103.74 dollars.

OPEC calculates an average basket price based on 13 brands produced by cartel members. (dpa)

Rio de Janeiro - A discovery off Brazil's Atlantic coast could prove to be the world's third-largest oil field, the director of Brazil's National Oil Agency said.

The Carioca field in the Santos Basin off the coast of Sao Paulo state has estimated reserves of 33 billion barrels, Haroldo Lima said Monday.

"It could be the world's biggest discovery in the past 30 years," he said.

Brazil's state oil company, Petrobras, which controls 45 per cent of the field, said in a statement that the exact size of the find would be announced in the coming days after further studies were done.

Vienna - The price for crudes produced by the Organization of the Petroleum Exporting Countries (OPEC) peaked above 104 dollars for the first time on Monday, OPEC said on Tuesday.

On Monday, one barrel (159 litres) of crude produced by OPEC members stood at 104.02 dollars, up 35 cents from the previous day.

OPEC followed international bullish trends on Monday. In New York, Nymex WTI ended Monday's trading at 111.76 dollars per barrel, the highest settlement on record, while Brent crude also posted a new high.

OPEC calculates an average basket price based on 13 brands produced by cartel members. (dpa)

Islamabad  - The government of energy-starved Pakistan plans to distribute 10 million low-consumption light bulbs to reduce the load on national grids, a news report said on Tuesday.

Pakistan is currently producing around two-thirds of its power demand, with an overwhelming deficit of around 4,000 megawatts. Domestic and industrial consumers have been hit hard by continual power cuts.

The state-run National Energy Conservation Centre (Enercon) on Monday tasked the Pakistan Electric Power Company (PEPCO) with arranging the delivery of energy-saving bulbs across the country, the daily newspaper Dawn reported.

Vienna  - The price for crudes produced by the Organization of the Petroleum Exporting Countries (OPEC) continued its record- breaking rise on Tuesday, OPEC said on Wednesday.

One barrel (159 litres) of crude produced by the cartel's 13 member states stood at 105.73 dollars on Tuesday, up 1.71 dollars from the previous day, reaching a new all-time high.

In its monthly forecast released on Tuesday OPEC left its prediction for 2008 crude demand growth stable. OPEC predicted a global growth increase by 1.2 million barrel per day to 87 million barrels.

OPEC followed global bullish trends, as oil prices reached new records. Nymex WTI closed at 113.79 dollars, Brent at 111.58 dollars on Tuesday. (dpa)

Budapest  - Hungarian energy firm MOL said Wednesday it hoped a joint venture with ExxonMobil and the UK's Falcon Oil and Gas could lead to unconventional gas being extracted from Hungary's Mako trough between 2012 and 2014

"If the project is successful, the ratio of MOL's domestic gas production coming from unconventional sources would equal the amount of gas coming from conventional sources by 2015," MTI news agency quoted Attila Holoda, MOL's director for exploration and research in Eurasia, as saying.

MOL said Monday it had signed an agreement with ExxonMobil to jointly explore 1,560 kilometres of the Mako trough in south-east Hungary.

Vienna - The price for crude produced by the Organization of the Petroleum Exporting Countries (OPEC) continued its record- breaking rally on Wednesday, OPEC said on Thursday.

One barrel of crude from OPEC's 13-brand reference basket stood at 106.65 dollars on Wednesday, up from 105.73 dollars the previous day.

The bullish performance in recent days was mainly down to the weakness of the US dollar, OPEC analysts said. (dpa)

Bangkok - Sales of alternative fuels, such as gasohol and biodiesel, more than doubled in Thailand during the first quarter as world oil prices pushed past 100 dollar per barrel, media reports said Friday.

Sales of gasohol, a mix of petrol and ethanol made from sugar or tapioca, reached 7.4 million litres per day during the first three months of the year, compared with 3.6 million litres per day in the same period in 2007, The Nation newspaper said, citing Viraphol Jirapraditkul, director general of the Energy Policy and Planning Office.

During the first quarter, sales of biodiesel hit 5.9 million litres, up 778 per cent from 0.68 million from a year earlier, Viraphol said.

GMR Infrastructure has announced that its wholly-owned subsidiary GMR Energy (GEL) has acquired 5 percent equity stake in South Africa’s Homeland Mining and Energy SA (Pty) Ltd, a unit of Canada’s Homeland Energy Group Ltd.

GEL has paid Rs 60 crore ($15 million) for the 5 percent stake in the company.

Further GEL has an option to purchase an additional 45 percent in the same company by September 2008 for $145 million. In this way, the total payout for the 50 percent stake is $155 million (approx. Rs 620 crore).

Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued its record-breaking climb, OPEC said on Friday.

One barrel (159 litres) of OPEC-crude stood at 107.63 dollars on Thursday, up 98 cents from the previous day. OPEC calculates an average basket price based on 13 brands produced by cartel members.

Responsible for the ongoing surge in prices is the continued weakness of the US dollar, the currency in which OPEC oil is sold, analysts said. The current high prices were not linked to the usual market fundamentals. (dpa)

Oil prices continued the record rally, with retail gas prices touching record high of USD 3.40 per gallon and it is projected to cross $4 mark shortly.

In the meantime, Oil prices chop down a little after setting yet another record high overnight.

Light sweet crude for next month delivery came down 7 cents, to settle at record high of $114.86 per barrel on the New York Mercantile Exchange (NYMEX).

The gasoline futures for the coming month (May) climbed up 1.88 cents to settle at a record $2.9578 per gallon.

New Delhi, Apr 18: The Chairman of India’s Atomic Energy Commission, Anil Kakodkar has said that the Indo-US nuclear deal is not final, as has been touted by External Affairs Minister Pranab Mukherjee in the recent past.

During a visit to Washington on March 24-25, 2008, Mukherjee had claimed, “We have finalised the language of the text of the agreement for the process of signing. After that, it will be taken to the Board of Governors.''

Manila - The Asian Development Bank (ADB) said Saturday it was extending a rupee-denominated loan worth 113 million dollars to a private Indian firm that will develop two wind power projects.

The Manila-based ADB said the wind energy facilities will be built in the states of Gujarat and Karnataka by a wholly Indian-owned subsidiary of CLP Holdings of Hong Kong.

"The project will help India's economic growth and energy diversification in an environmentally sustainable manner," said Shantanu Chakraborty, an investment specialist at the ADB.

Suzlon Energy Ltd has announced that its US-based arm has received orders for 200 MW capacity turbines for wind farm projects in China.

The subsidiary company, Suzlon Energy (Tianjin) Ltd (SETL) stated that the order was in two parts.

The first order received from Ao Lu Jia New Energy Development Ltd, China, for delivering 148.5 MW of wind turbine capacity via 99 units of the S82-1.5 MW turbines for use in three wind farms. Deliveries for the first wind farm are planned for shipment during Q2 of 2008-2009.

Anil Ambani group company Reliance Energy Limited (REL) announced that the company’s shareholders have given the nod to change the name of the company to ‘Reliance Infrastructure’ and to buy back 25% of the paid-up equity share capital and Free Reserves up to Rs. 2000.14 cr.

Besides this, the shareholders have also sanctioned to waive the company’s entitlement to take delivery of 2.57% of the post bonus issue shareholding including 6.15 crore shares in Reliance Power from Anil D Ambani.

Teheran - Deputy head of the International Atomic Energy Agency Olli Heinonen arrived in Tehran early on Monday to talk with Iranian officials about nuclear weapons claims provided to the agency.

During his two-day stay in Iran, Heinonen, who is the head of an IAEA unit that investigates whether countries have secret nuclear programmes, will probe whether the Islamic country has special weapons studies.

IAEA General Secretary Mohammed ElBaradei said on Thursday a delegation from the UN nuclear watchdog would visit Iran to probe whether it had a special weapons system.

New Delhi  - India's oil minister Murli Deora was due to hold talks in Pakistan on a 7-billion-dollar Iran-Pakistan-India (IPI) gas pipeline, officials said Tuesday.

"The minister is scheduled to leave for a three-day visit to Pakistan on Tuesday evening. He will hold talks on the IPI pipeline there," said a spokesman of the Petroleum Ministry without giving further details.

Deora is also likely to wrap up talks on the Turkmenistan-Afghanistan-Pakistan-India pipeline that is backed by the United States, which is opposed to the IPI pipeline.

Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) started the week with a new record high of 108.93 dollars, OPEC said on Tuesday.

One barrel of crude from OPEC's 13-brand reference basket stood at 108.93 dollars on Monday, up 1.18 dollars from Friday, the Vienna-based OPEC secretariat said.

OPEC officials maintain that there are adequate crude supplies and that the current price rally is decoupled from market fundamentals. Hiking up production quotas was not necessary.

Prices were mainly driven by the continued weakness of the US dollar, analysts said. (dpa)

Brussels  -  European Union states should improve their strategic oil reserves policy amid concerns over soaring energy prices, the European Commission said Tuesday.

"The risk of supply disruptions is increasing. Supply is more and more concentrated in a handful of countries, many of which are exposed to high geopolitical risks," the European Commission wrote in a paper asking EU member states, non-governmental organizations and industry representatives to suggest how the bloc should deal with energy reserves in the future.

The launching of the public consultation follows a call from EU members in March 2007 to review the union's oil-stocks strategy. The process is set to last eight weeks, a commission spokesman said.

Oil prices climbed up to 119.37 per barrel on Tuesday (April 22) as the dollar value fell to a new low against the euro.

Light, sweet crude for next month (May) delivery mounted USD 1.89 to settle at record high of USD 119.37 a barrel on the New York Mercantile Exchange (NYMEX).

The euro climbed above 1.60-dollar level for the first time on Tuesday as officials at the European Central Bank (ECB) officials suggested that they will raise interest rates if inflation doesn’t fall. The 15-nation single currency euro reached as high as 1.6018 dollars.

Vienna - The price for crudes produced by the Organization of the Petroleum Exporting Countries (OPEC) continued its climb and was hovering just below the 110-dollar mark, OPEC said on Wednesday.

One barrel of crude oil from OPEC's reference basket stood at yet another record high of 109.92 dollars on Tuesday, up 99 cents from the previous day.

Hopes for OPEC to increase production in the near future were dashed as OPEC Secretary General Abdalla Salem el-Badri ruled out an extraordinary meeting until the next regular meeting, scheduled for September.

Berlin  - Motor vehicle fuel prices hit a record high in Germany Thursday, oil industry spokesmen said Thursday.

A litre of petrol - whether the standard 91-octane or "super" 95-octane - cost 1.48 euros (2.33 dollars) on average, they said. Diesel rose to above 1.39 euros a litre.

The new prices were marginally above previous records in November last year and earlier this month.

Differing tax rates for the various fuels account for much of the price differential. (dpa)

Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) finished above 112 dollars for the first time on Wednesday, OPEC said on Thursday.

One barrel (159 litres) of crudes from OPEC's 13-brand reference basket stood at 111.14 dollars on Wednesday, up 1.22 dollars from the previous day.

The cartel, which is responsible for about 40 per cent of the global crude production, calculates an average basket price based on 13 important brands produced by member states. (dpa)

Manila  - The Asian Development Bank said Friday that it has approved a loan amounting to 450 million dollars to build a 4,000-megawatt, energy-efficient coal power plant in India.

The Manila-based bank said it executed the loan agreement with Coastal Gujarat Power Ltd, which is to build, own and operate the Mundra Ultra Mega Power Project in the western state of Gujarat.

"The project will not only provide a significant volume of additional electricity to address shortages, it will also promote private investment in power and show good practice in building and financing large-scale power projects in India through public-private partnerships," said Takeo Koike, an investment specialist with the bank.

Vienna  - Crude prices eased on Thursday after reaching a new all-time-high above 111 dollars, the Organization of the Petroleum Exporting Countries (OPEC) said on Friday.

One barrel (159 litres) of crude produced by the 13-member cartel stood at 110.63 dollars on Thursday, down 51 cents from the previous day.

Prices were pushed up during the last days by the continued weakness of the US dollar and OPEC members maintaining their view that markets were well supplied and an increase in production quotas was not necessary.

OPEC's Vienna-based secretariat calculates an average basket price based on 13 important brands produced by its member states. (dpa)

Gaza City  - The Palestinian gas union on Saturday rejected a statement by an Israeli official blaming Palestinians, led by Hamas, for the fuel shortages in Gaza Strip.

Nir Press, the head of the Israel Defence Forces' Gaza Coordination and Liaison Administration said Friday that "the Palestinians, led by the Hamas organization, are creating shortages, misery and disaster."

Mahmoud al-Khozendar, vice-president of the Petrol Station Owners Association in Gaza, disagreed, saying the existing fuel supplies had been accumulated over weeks and were "enough for one day in a normal situation" and would last just three hours "given the current crisis."

London - Extra fuel supplies continued to be shipped to Britain Monday to prepare for possible shortages caused by a strike of oil workers at the Grangemouth refinery on the east coast of Scotland.

Hundreds of workers who started a strike over the planned ending of pension schemes stayed away from the plant for a second day Monday. The 48-hour walkout is due to end early Tuesday.

Two fuel tankers have already been unloaded at the refinery, with a further seven shipments expected over the next few days, including from the Netherlands and Sweden. They are due to deliver a total of 65,000 tons of fuel.

Vienna  - The price for crudes produced by the Organization of the Petroleum Exporting Countries (OPEC) was down slightly by the end of last week, OPEC said on Monday.

One barrel (159 litres) of crude oil from OPEC's 13-brand reference basket stood at 110.01 dollars on Friday, down 62 cents compared to the previous day.

OPEC, which is responsible for about 40 per cent of the world's crude production, calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

London - Rising oil prices have boosted the profits of Britain's two leading oil giants, Shell and BP, in the first quarter of this year, figures showed Tuesday.

Shell reported record profits of 3.9 billion pounds (7.8 billion dollars), while rival BP saw profits rise by 48 per cent to 3.31 billion pounds.

The figures come after Anglo-Dutch firm Shell reported annual profits in January of a record 13.9 billion pounds.

Shell shares are listed in Britain and the Netherlands, while the company's headquarters are in The Hague. (dpa)

Colombo - Iranian President Mahmoud Ahmadinejad Tuesday inaugurated the construction of an oil refinery expansion project in the outskirts of Sri Lanka's capital.

The inauguration of the project by the visiting Iranian leader followed the signing of agreements on Monday night for Teheran to provide assistance to the tune of 1.5 billion US dollars for infrastructure development projects, officials said.

London - A two-day walkout by oil workers at the Grangemouth refinery in Britain, which disrupted North Sea oil production, came to an end early Tuesday.

The Unite union, which had called out 1,200 men in protest against changes in the pension scheme at the Scottish plant, warned of further industrial action if the dispute was not resolved.

Ineos, the private company which operates the Grangemouth refinery, north of Edinburgh, said it will be at least a week before the plant is fully operational again.

The strike also closed the Forties oil pipeline, which provides 30 per cent of Britain's daily oil output.

Estimates said the walkout cost the industry 50 million pounds (100 million dollars) a day in lost production.

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) was at a new record high at the beginning of the week, OPEC said Tuesday.

One barrel (159 litres) of crude from OPEC's reference basket of 13 crudes stood at 111.66 dollars on Monday, up 1.65 dollars from Friday.

Crude prices, already boosted by the weak US dollar, were also affected by strikes in Scotland and Nigeria as well as unrest in the African country, analysts said. (dpa)

Stockholm - Operating profits for first-quarter 2008 were flat while turnover increased, Swedish state-owned energy group Vattenfall said Tuesday.

Operating profit before tax and interest was 11.4 billion kronor (1.9 billion dollars), up 0.2 per cent on the corresponding business period 2007.

First-quarter turnover increased 9 per cent to 45.4 billion kronor.

"The group's stable operating profit can be attributed to a strong improvement for Business Group Nordic," Vattenfall chief executive Lars G Josefsson said in a statement.

Deep Industries has reported that the company has won an order worth Rs 415.57 million from state-owned ONGC, which involves deployment of compressors for compressing the natural gas at various locations of Rajahmundry Asset.

The company has obtained Letter of Award from ONGC, Rajahmundry Asset. The various locations are Lingala (Rs 224.23 million), Odalarevu (Rs 79.73 million) and Gopavaram (Rs 111.61 million).

State-run Power equipment manufacturer Bharat Heavy Electricals (BHEL) and the country's largest power producer NTPC have formed a 50:50 joint venture company christened, NTPC-BHEL Power Project Pvt. Ltd.

NTPC and BHEL had, in September last year, decided to form a joint venture to execute power projects in India and abroad. The joint venture will carry out Engineering Procurement and Construction (EPC) contract for power plants and infrastructure projects as well as manufacture and supply equipment in India and abroad.

(BHEL) has won orders worth Rs 3,368 crore from Chhattisgarh State Electricity Board for supplying and installing power equipments for its running and upcoming projects.

The orders envisage setting up of one unit of 500 mw at Korba West thermal power project and two units of 500 mw each at the upcoming Marwa thermal power project. These units will add 36 million units every day to the grid on commissioning.

Bhel's contract in the project would include design, engineering, manufacturing, supply, commissioning of steam turbines, generators and boilers.

Washington - Drivers across the United States are paying more to fill up their tanks as petrol prices continue to break records, but where Americans feel lighter pocketbooks, candidates see political fuel.

Gasoline costs averaged 3.61 dollars per gallon (about 95 cents per litre) across the country on Tuesday, and had broken 4 dollars per gallon in San Francisco and Chicago.

While those prices may still be low compared to much of the world, the increases have eaten more and more into Americans' budgets in a country that spans a continent, where wide-open spaces and sprawling suburbs leave many people with little choice but to drive to work, shop or do most anything.

Sydney  - British Gas has offered 13 billion Australian dollars (12 billion US dollars) for Origin Energy Ltd, Australia's second-largest power retailer.

News of the bid from one of the world's biggest liquefied natural gas (LNG) traders sent Origin's shares up nearly 40 per cent Wednesday.

Earlier this year BG Group plc took a 10-per-cent stake in Queensland Gas Co Ltd. (dpa)

Caracas - A massive power failure left more than half of Venezuela without electricity for two hours Tuesday, causing chaos during rush hour.

Authorities said the 4 pm blackout was due to an error in the line system which was overloaded due to high temperatures and the subsequent increased energy consumption.

The power failure affected major cities and at least 11 of Venezuela9s 23 states.

In the capital Caracas hundreds of people had to be rescued from stalled subway cars and trapped elevators. No traffic lights led to snarled traffic along major avenues just before the afternoon rush hour. Hospitals were operating on emergency generators.

Vienna - The price for crudes produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped from its record high on Tuesday, OPEC said on Wednesday.

One barrel (159 litres) of crude produced by OPEC members stood at 109.86 dollars on Tuesday, down 1.8 dollars from the previous day.

The Vienna-based OPEC secretariat calculates an average basket price based on 13 brands produced by cartel members. (dpa)

Stockholm - The Swedish government that controls energy group Vattenfall has halted the group from making a possible bid for a stake in British Energy, local media reports said Wednesday.

Vattenfall also has activities in Germany and other Nordic neighbours, and earlier April was according to financial daily Dagens Industri mulling a bid for the British group along with another energy group like Germany's E. On or a financial partner.

Dagens Industri on Wednesday, citing unnamed sources, reported that the government has stopped the process.

Coastal Energen Pvt. Ltd, an arm of the Coal & Oil Group of Dubai (C&O Group), announced its plans to set up a 2,000 MW power watt plant in Tuticorin district, Tamil Nadu.

The project would entail an investment of Rs 8,500 crore. The 1,080 MW (3X360 MW) first phase of work which entails an amount of Rs 4,500 crore will commence in mid-June and the plant is expected to be commissioned within 36 months from the start of work.

Pune-based Kirloskar Oil Engines Ltd has informed that the company has entered into sale agreement with Eaton Industrial Systems Pvt. Ltd, Pune and Eaton Corporation, US, to hive off the valves division of its auto components business at MIDC, Ahmednagar and MIDC, Nashik, for a consideration not exceeding Rs 90 crore.

The agreement is subject to approval of the shareholders under Section 293 of the Companies Act, 1956 and additional approvals and consents as may be required.

Indian Government has approved Cairn India's proposal to lay a pipeline from Barmer to Salaya in Gujarat for transporting crude from its Rajasthan fields. The company would recover the cost of laying the pipeline from the profits it earns from the sale of oil from the field. The Rajasthan government had earlier opposed the shifting of the delivery point to Gujarat saying it would result in loss of tax revenue.

Washington - Exxon Mobil Corp, the world's largest publicly traded oil company, was at the vortex Thursday of demands from environmentally conscious stockholders and vote-seeking politicians as it released record first-quarter profits.

As the company's revenue climbed 34 per cent to 116.8 billion dollars compared to the same period last year, global warming was on the minds of Exxon shareholders.

A day earlier, descendants of John D Rockefeller, founder of Exxon's distant ancestor, Standard Oil Co, lobbied the company to change its business practices.

New Delhi - India's Reliance Power Ltd said Friday that it has acquired three coal mines in Indonesia with total reserves of 2 billion tons.

The company did not give any financial details about the transaction.

The acquisition was carried out by its wholly owned subsidiary Reliance Coal Resources Pvt Ltd, the PTI news agency reported.

The company acquired a 100-per-cent interest in the Srivijaya Bintangtiga Energy, Bryayan Bintangtiga Energy and Sugico Pendragon Energy mines in South Sumatra province, which are spread over an area of 40,000 hectares, the report said.

Goldstone Infratech Limited, a part of Goldstone Group has informed that the Company is entering into a major Joint Venture with Dr. June Min, the founder of TF SolarPower Pvt. Ltd and Jusung Engineering Ltd., an equipment supplier in Korea to set up solar panel fab in the FAB CITY, Hyderabad.

Goldstone Infratech, will hold a 54 per cent stake in the venture, and Dr. Min and Jusung Engineering will hold 46 per cent.

Chennai-based Indowind Energy Limited has informed that the company has acquired 8.25 mw wind farm from Andhra Bank under SARFAESI ACT.

The wind farm, located in one of the best wind sites in India near Mupandal-Aralvaimozhi belt, at Sundarapandiapuram and Sambavarvadakarai village in Nagarkoil & Kanyakumari districtrs of Tamil Nadu.

The wind farm is two years old, and is expected to generate 16 million units electricity and reduce approximately 14, 000 tons of carbon per annum.

Anil Dhirubhai Ambani Group's (ADAG) flagship company Reliance Power has informed that Reliance Coal Resources Pvt. Ltd, a wholly owned subsidiary of the company, has entered into an agreement to acquire 100 per cent interest in three coal mines in Indonesia.

However, the company did not give any further details about the transaction. The company has recently acquired three coal assets with coal reserves of about 2 billion tonnes in the Musi Rawas region of South Sumathra in Indonesia.

Reliance Power is the second large domestic power company to acquire coal mines in Indonesia.

Phnom Penh  - Cambodia is seeking private investment to build 14 new hydropower dams worth more than 3.2 billion dollars, according to a government report obtained Sunday.

The report entitled Prime Investment Information in Cambodia details potential private investment opportunities around the country, including hydroelectric dam construction.

According to the report, 14 dams of various sizes and capacities are estimated to be able to generate a minimum of 1,850 megawatts.

Four are also earmarked to provide irrigation, although all but two of the 14 are currently only at desk study stage.

Vienna - The price for crudes produced by the Organization of the Petroleum Exporting Countries (OPEC) rose again to close to 107 dollars by the end of the week, OPEC said on Monday.

One barrel (159 litres) from OPEC's 13-brand reference basket stood at 106.99 dollars on Friday, up 1 dollar from the previous day.

OPEC calculates an average basket price based on 13 brands produced by cartel members. (dpa)

Berlin - Delivery of pipes for a controversial new gas pipeline under the Baltic Sea begins this week, although the project has yet to win clearance from several nations with Baltic coasts.

The Nord Stream line, the biggest pipeline project ever in the Baltic, is to carry Russian gas to a distribution point in Germany. Poland, Sweden and other nations have voiced opposition to it.

A train is to arrive on Tuesday in Sassnitz, a small German port, with the first load of about 100 steel pipes for the 1,220-kilometre pipeline. Construction is to begin soon of a plant in Sassnitz to coat the 60,000 sections with up to 11 centimetres of concrete.

GMR Energy Ltd, the wholly owned energy arm of infrastructure major GMR Group, is planning to raise Rs 4,000 crore through public offer and private equity placements to fund its expansion programmes in India and overseas.

The company had earlier planned to raise Rs 2,000 crore through an IPO, but it was deferred due to volatile market conditions.

GMR Energy is valued at US$5 billion and the company is planning to offload 10% equity through IPO. The part of the proceeds may be used to fund the group's possible foray into ultra mega power projects.

Jakarta  - Indonesia, OPEC's only member in the Asia-Pacific, is considering quitting the cartel because the country has become a net oil importer, President Susilo Bambang Yudhoyono said Tuesday.

"Indonesia at this stage is no longer an oil exporter," Yudhoyono said in opening remarks at a conference attended by provincial governors and regency heads.

Vienna  - In one of the biggest jumps in recent years, the price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) has surged by
4.61 dollars, OPEC said on Tuesday.

One barrel (159 litres) of crude from OPEC's reference basket stood at 111.6 dollars on Monday, compared with 106.99 dollars the previous day. The new quotation was just shy of OPEC's all-time high of 111.66 dollars.

OPEC crude prices followed Nymex WTI and ICE Brent, which both set new record highs on Monday.

Vienna - The price for crudes produced by the Organization of the Petroleum Exporting Countries (OPEC) jumped to a new record high on Tuesday, the Vienna-based OPEC secretariat said on Wednesday.

One barrel (159 litres) of crude from OPEC's 13-brand reference basket stood at 114.75 dollars on Tuesday, up 3.15 dollars from the previous day. On Monday, crude prices jumped by almost five dollars.

OPEC calculates an average basket price based on 13 important brands produced by its member states. The 13-member cartel is responsible for about 40 per cent of the global crude output. (dpa)

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued its record-breaking climb, the Vienna-based OPEC secretariat said on Thursday.

One barrel (159 litres) of OPEC crudes stood at 116.03 dollars on Wednesday, a new all-time high. The price rose by 1.28 dollars compared with the previous day.

According to OPEC analysts JBC in Vienna, crude supply concerns should have lifted to some extent, as ExxonMobil returned to its normal production levels of around 800,000 barrels per day in Nigeria after a strike.

India's state-run petrochemicals company, Mangalore Refinery & Petrochemicals Limited (MRPL), is all set to supply 2,50,000 tons of diesel to Iran over the next eight months, replacing Reliance Industries, a top company official stated. MRPL is a subsidiary of ONGC and has been one of the favorite madcap stocks for traders for the past few months.

This winter Iran was forced to buy diesel from as far a field as Singapore after Reliance Industries, stopped supplies when its bankers refused to confirm letter of credit raised by Iran's central bank. This happened as a result of increasing Western pressure over Tehran's nuclear programme.

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued its record-breaking climb towards the end of the week, OPEC said on Friday.

One barrel (159 litres) of crudes from OPEC's reference basket stood at 116.93 dollars on Thursday, up 90 cents from the previous day.

On Thursday, OPEC Secretary General Abdalla Salam el-Badri said current high prices were not connected to market fundamentals, as markets remained well supplied.

Coal India subsidiary Bharat Coking Coal Ltd (BCCL), which operates mines in Jharkhand and West Bengal, will invest Rs 1200 crore. The company plans to spend the amount on buying equipment used in all our operative mines across the two states, as part of its revival strategy.

BCCL has set a target of producing 26.5 million tonnes (MT) of coking coal in the current financial year and will further increase the production volume to 30 MT by 2011-12.

In the back drop of depletion of Helium availability throughout the world, Oil and Natural Gas Corporation (ONGC) Limited has launched a pilot project in order to extract helium from Natural Gas by making use of a four-stage pressure swing adsorption technique for the first time in India.

The project, launched at Kuthalam near Mayiladuturai in Nagapattinam district of Tamil Nadu, is an important step towards the objective of assimilating new technology to make India self- reliant in helium.

The RPG group-owned company, Phillips Carbon Black Ltd has informed that it has formed a joint venture with subsidiaries of Vietnam National Chemical Corp. (Vinachem) for the set up of a carbon black facility of 1,00,000 MT and co-generation power plant of 16MW in Vietnam.

The companies signed a memorandum of understanding for a feasibility study on a carbon black facility last July. The plant will be the first of its kind in Vietnam.

Separately, Phillips Carbon Black is also looking at hiking carbon-black prices by 15 percent.

In order to meet up the shortage of coal at its power plants in India, NTPC is looking to acquire majority stakes in Indonesian coal mines having reserves of around 200-300 million tons.

The deal is likely to finalize by the end of the existing fiscal, ending Mar. 31, 2009.

R S Sharma, chairman and managing director of NTPC, said that the company has already nominated three merchant bankers for the purpose.

But Mr. Sharma declined to give the names of the bankers and other details.

Karvy Stock Broking Limited has maintained ‘Buy’ rating on Cairn India stock with an intraday target of Rs 308.

According to Karvy, day traders can purchase the stock between Rs 300-302 with a strict stop loss of Rs 298. If the stock market remains on positive track, the next target for the day will be above Rs 310.

Shares of the company, on Monday (May 12), closed at Rs 302.95 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 8946070. The share price has seen a 52-week high of Rs 306 and a low of Rs 133.3 on BSE.

Oslo - Record-high oil and gas prices helped boost Norwegian energy giant Statoil Hydro's first-quarter earnings to new highs, the group said Tuesday.
Net income was 16 billion kroner (3.15 billion dollars), up 61 per cent on the corresponding business quarter in 2007.

Turnover increased 33 per cent to 157.69 billion kroner, the group said.

"We deliver a good first quarter result characterized by solid production in a market with high oil and gas prices," Statoil Hydro chief executive Helge Lund said in a statement.

The group was created in October with the merger between Norwegian oil and gas groups Statoil and Norsk Hydro.

Vienna  - The price for crude produced by the Organization of the Petroleum Exporting Countries (OPEC) continued its steep climb, hovering close to the 120-dollar mark, OPEC said on Tuesday.

One barrel (159 litres) of crude produced by OPEC member states stood at 119.71 dollars on Monday, compared with 119.13 dollars on Friday.

The Vienna-based OPEC secretariat calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

Indian Public Sector Gas major GAIL India Ltd has registered a net profit before tax at Rs 1,098 crore in the fourth quarter of 2007-08, against Rs 546 crore for the corresponding period in 2006-07.

The profit before tax during the year 2007-08 rose 35% to Rs 3,855 crore from Rs 2,860 crore in 2006-07.

GAIL also plans to invest Rs 3,410 crore ($810 million) during financial year 2008-09 in pipeline project, petroleum chemicals, business development, projects related to telecom, and city gas among others.

Further it also plans to buy five to six liquefied natural gas (LNG) cargoes from the spot market in the last quarter of fiscal 2008/09 for its Dabhol power plant.

Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) was down 89 cents on Tuesday, OPEC said on Wednesday.

One barrel (159 litres) of crudes from OPEC's 13-brand reference basket stood at 118.76 dollars on Tuesday, compared with 119.65 dollars the previous day.

The drop came despite remarks by OPEC-member Iran that it considered reducing its output.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

Hong Kong  - Hong Kong has saved the equivalent of 70 million kilowatt hours a year by turning down the air conditioning in government buildings, officials announced Wednesday.

Government departments were ordered in 2004 to turn down the city's notoriously icy indoor air conditioning to 25.5 degrees Celsius to save energy in the high-rise city of
6.9 million.

The result of the energy-saving move, legislators were told Wednesday, was that power usage in the affected buildings fell from 2,190 million kilowatt hours in 2004-2005 to
2,120 million kilowatt hours in 2006-2007.

Everest Kanto Cylinder Ltd. (EKC), manufacturer of industrial and CNG cylinders, announced that its wholly owned subsidiary in China, EKC Industries (Tianjin) Co. Ltd., has successfully completed the trial production phase and has commenced commercial production.

The plant will have an initial capacity of 200,000 cylinders and company plans to increase its capacity to one million cylinders in the next 3-4 years. The investment in the first phase of its operation is expected to be around US$ 50 million.

Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) remained stable, hovering just below 119 dollars, OPEC said on Thursday.

One barrel (159 litres) of crude produced by OPEC's 13 member states stood at 118.78 dollars on Wednesday, compared with 118.76 dollars the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) climbed 18 cents on Thursday, OPEC said Friday.

One barrel (159 litres) of crudes from OPEC's reference basket stood at 118.95 dollars on Thursday, compared with 118.78 dollars the previous day.

In its latest monthly oil market report, released on Thursday, OPEC revised its 2008 demand growth forecast down by 40,000 barrels per day to 1.16 million barrels per day.

Kiev  - Ukrainian President Viktor Yushchenko and Prime Minister Yulia Tymoshenko, theoretical political allies, are in open conflict over the development of Azov Sea natural gas fields by a US company, Korrespondent magazine reported Friday.

Yushchenko in remarks to reporters accused Tymoshenko, his direct subordinate, of attempting to sabotage a major energy development project for the purposes of political grandstanding.

Tymoshenko and Yushchenko together led Ukraine's 2004-2005 pro-democracy Orange Revolution. Currently serving as Prime Minister, the Tymoshenko technically is Yushchenko's direct subordinate.

State-owned exploration giant Oil and Natural Gas Corporation (ONGC) promoted ONGC Petro-additions Ltd (OPaL), has entered into a memorandum of understanding (MoU) with Ahmedabad-based Torrent Energy for supply of bulk power to OPaL.

Under the MoU, Torrent will supply 350-400 mw to ONGC’s upcoming petrochemical complex at Dahej SEZ in Gujarat. ONGC is co-developing the SEZ through a special purpose vehicle, OPaL (ONGC Petro-additions Ltd), and is working on setting up a petrochemicals complex there.

Engineering and construction major Larsen & Toubro Ltd (L&T) has signed a strategic partnership agreement with GE Energy, for focusing on the Indian power generation market.

Under the pact, GE Energy, One of General Electric's largest divisions, will provide its main control system products to L&T. The Indian Infrastructure major will leverage its strengths in engineering and project execution as well as experience in the Indian market to deliver comprehensive power plant automation solutions to customers.

Washington  - On a day that oil prices breached a record 127 dollars a barrel, the United State government said Friday it would stop buying new supplies for its strategic oil reserve.

The government was acting on the orders of Congress, which on Tuesday voted with overwhelming majority to stop the purchases to help bring down soaring oil prices.

Current purchase contracts expire at the end of June, but new agreements would not be signed for the second six months of 2008, according to a statement from the US Department of Energy.

Initially, the government had intended to continue buying 76,000 barrels a day through to December.

Tehran  - Iran on Saturday criticized a decision by Saudi Arabia to increase its oil production, Fars news agency reported.

While terming the Saudi decision a "political move," Iranian Oil Minister Gholam-Hossein Nozari told Fars that a production increase would just lead to a further increase in reserves.

Fars reported that the increase followed a request by US President George W Bush during his visit to the kingdom on Friday, although the Saudi decision to increase its production by 3.3 per cent (300,000 barrels) was made on May 10.

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) finished the week on a bullish note, data released by OPEC on Monday indicated.

One barrel (159 litres) of crude from OPEC's 13-brand reference basket stood at 119.27 dollars on Friday, up 32 cents compared with the previous day, the Vienna-based OPEC secretariat said.

Several bearish factors like Saudi Arabia's announcement that it was boosting output and a larger than expected stock build-up in the United States were not enough to pressure prices, OPEC analysts JBC in Vienna said.

Sofia  - Around 1,000 truckers staged a protest Monday in Bulgaria against record-high diesel fuel prices, local media reported.

Drivers were demanding that the government urgently curb fuel price rises.

Transport companies say that the high fuel prices are a result of speculation and cartel agreements, and the truckers said they have started to fill their tanks in countries like Slovenia where the fuel is cheaper.

Fuel prices in Bulgaria are among the highest in Europe, statistics show. A liter of diesel in Bulgaria costs 1.29 euros, while in Slovenia, where salaries are considerably higher, the per- litre price is 1.16 euros.

Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped by 3 cents on Monday, OPEC said on Tuesday.

One barrel (159 litres) of OPEC-produced crudes stood at 119.24 dollars on Monday, compared with 119.27 dollars the previous Friday.

OPEC calculates an average basket price based on 13 brands produced by the cartel's member states. (dpa)

Deep Industries Ltd has informed that the company has been awarded Petroleum Exploration License for Coal Bed Methane (CBM) Block at Singrauli (Madhya Pradesh) in respect of SR- CBM- 2005/III with effect to the contract signed with Government of India for exploration of Coal Bed Methane.

Deep Industries provides air and gas compression services to oil and gas exploration companies in India. The company reported net profit of Rs 1.53 crore in Q4 March 2008 as against a net loss of Rs 0.63 crore in Q4 March 2007.

Los Angeles  - For as long as anyone can remember, life in Los Angeles has involved driving a car.

But with prices of fuel reaching 4 dollars a gallon (1.05 dollars a liter), the city that defined auto-induced urban sprawl is starting to rethink its love affair with the car.

From increased ridership on the city's much maligned public transport system to unprecedented demand at stores selling motorbikes and scooters, the signs are everywhere that the inexorable rise in gas prices is having a major impact on the most car-dependent US city.

New York  - Oil prices broke the 130 dollar per barrel barrier for the first time on New York markets Wednesday.

A price of 130.01 dollars was recorded on the futures market as oil continued its upward surge.

Earlier in Vienna, the oil cartel OPEC had reported that its basket of crudes had broken through the 120-dollar barrier for the first time on Tuesday. (dpa)

Hanoi  - Vietnam will continue controlling gasoline prices and compensating retailers for their losses, postponing a decision in March to cease government payments and decontrol prices, a senior government official confirmed Thursday.

But the official refused to call the government payments "subsidies."

"We don't subsidize prices," said Deputy Trade Minister Nguyen Cam Thu. "The government doesn't use the term 'subsidize'. We will compensate basis prices for enterprises so that enterprises can keep the prices at the levels that the government wants."

Kathmandu  - Nepalese officials Thursday warned the country was set to run out of petroleum products within a week as shortages hit commuters and motorists.

The state-owned Nepal Oil Corporation said it would not be able to import more fuel without government support.

"We will run out of stock of petroleum products within eight days," the Nepal Oil Corporation said. "Our reserve of petrol and diesel will last for six days and there is enough aviation fuel for eight days."

Karvy Stock Broking Limited has maintained ‘Buy’ rating on Reliance Petroleum Limited (RPL) stock with an intraday target of Rs 193.

According to Karvy, day traders can purchase the stock between Rs 188-190 with a strict stop loss of Rs 186. If the stock market remains on positive track, the next target for the day will be above Rs 195.

Pune-headquartered Praj Industries has informed that the company has received a contract worth Rs 120 crore (GBP 15 million) for supply of key equipment to Vivergo Fuels, UK through its subsidiary, BioCnergy Europa B. V. (a Joint Venture with Aker Solutions, Netherlands).

The plant is designed to produce approximately 400 million litres of ethanol fuel per year (1,200,000 litres per day).

This will be the fourth bioethanol plant by Praj Industries in Western Europe.

Public Sector construction equipment company Bharat Earth Movers Ltd (BEML) has signed a 12-year long term agreement with Coal India Limited (CIL) for joint production of "Off the Road" (OTR) tyres.

The OTR tyres will be produced by Apollo Tyres and JK Tyres at a facility being created by the funding of CIL/BEML.

CIL will fund BEML up to Rs 200 crore for investing Rs 100 crore each in Apollo and JK Tyres (as a part of back to back funding for the tyre project).

Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) jumped by more than 3 dollars to a record-breaking
127.59 dollars per barrel, OPEC said on Friday.

One barrel (159 litres) of OPEC-produced crude stood at 127.59 dollars on Thursday up 3.14 dollars from 124.46 dollars the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

Oslo  - The fund that invests income from Norway's petroleum and gas riches for future pensions has been impacted by recent global financial turmoil, registering its weakest quarter to date, the central bank said Friday.

The return on the fund during the first quarter 2008 fell by 5.6 per cent measured in international currency, the bank said.

The Norwegian Government Pension Fund - Global was worth 1.946 billion kroner (390 billion dollars) at the end of the first quarter, compared to 2,019 billion kroner at the end of 2007.

"The results for the first quarter reflect ongoing financial unrest," central bank governor Svein Gjedrem said.

Jakarta - Petrol prices in Indonesia rose by almost 30 per cent on Saturday under a government plan to safeguard the state budget.

Officials also began offering fuel subsidies to the poor to help offset the price hike.

"Considering the rising global fuel price and the heavy burden of subsidies on the budget, we have decided to raise the fuel price," energy minister Purnomo Yusgiantoro said in Jakarta on Friday.

Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) slid slightly on Friday, OPEC said on Monday.

One barrel (159 litres) of crude from OPEC's reference basket stood at 126.37 dollars on Friday, compared with 127.59 dollars the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

London, May 27 : Southern India’s KVK Energy, which owns and operates five power plants in that region and has secured funding to build another five, has joined other Indian companies to list on London’s Alternative Investment Market.

The company, which is developing coal-fired and hydroelectric power plants for industrial consumers, will today announce its intention to list on the junior market and raise
75 million dollars to fund expansion, reports the Financial Times.

Pramod Raju, the company’s non-executive director, was quoted as saying that the funds raised, would be used to build three new power plants, through which the company hopes to cash in on India’s seemingly insatiable demand for energy.

Kuala Lumpur  - Malaysia has announced a ban on the sale of its subsidized fuel to foreign cars at all petrol stations within 30 to 50 kilometres from the country's borders, news reports said Tuesday.

The ban, which is to take effect Friday, concerns petrol stations in five states closest to the northern border with Thailand and the southern border with Singapore, Domestic Trade Minister Shahrir Samad said.

Pune-based Thermax has bagged an order worth Euro 14.2 million for supplying heat recovery steam generators (HRSG) to an oil field company.

The order shall be carried out to augment the oil recovery via steam injection in their subsisting oil wells.

The company said that the recent order would be an important landmark in its export business, in the European market, in terms of territorial reach and future opportunities.

The shares of the company augmented around 6% at the Bombay Stock Exchange (BSE) after it received the order.

State-run Indian Oil Corporation (IOC), the country's largest oil company, has announced a standalone net loss of Rs 414.27 crore for the fourth quarter ended March 31, 2008, against a net profit of Rs 1,502.69 crore in the corresponding period last year.

Total Income grew by 33 per cent at Rs 71,792.82 crore for the quarter ended March 31 from Rs 53,818.75 crore for the corresponding quarter, last fiscal.

For the full year ended March 31, 2008 the company's standalone net profit at Rs 6,962.5 crore dipped by 7.15 per cent from Rs 7,499.4 crore for the year ended March 31, 2007.

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) has fallen to 123 dollars, OPEC said on Thursday.

One barrel (159 litres) of crude from OPEC's 13-brand reference basket stood at 123.05 dollars on Wednesday, compared with 125.91 dollars the previous day.

The Vienna-based OPEC secretariat calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

Seoul - Higher gas prices are driving more South Koreans to leave their cars at home and commute by subway, local transportation authorities said Thursday.

Seoul Metro said it was carrying at least 16,000 more people a day compared with one year ago.

"The increase may have something to do with the gasoline price increase," said an official at the state-run corporation.

Hanoi - Four Vietnamese companies will establish a joint venture with German manufacturer Fuhrlaender AG to build Vietnam's first wind turbine factory, an executive of one of the Vietnamese firms said Friday.

"The negotiations are in the final stage," said Vu Dinh Tuan, deputy director of Thien Nang Co., a Vietnamese green-energy products company.

The other three Vietnamese partners are machine manufacturer Lilama, construction machinery company Coma, and Techcombank.

Tuan said the joint venture would have an initial investment capital of 39 million dollars, and that construction of the wind turbine manufacturing plant would begin in 2009 at the Nhon Hoi economic zone in Binh Dinh province, 1,000 kilometers south of Hanoi.

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) gained ground on Thursday after slipping by almost 3 dollars earlier this week, OPEC said on Friday.

One barrel (159 litres) of OPEC-produced crudes stood at 124.27 dollars on Thursday, compared with 123.05 dollars the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel member states. (dpa)

Islamabad - Pakistan on Sunday adopted daylight saving time for three months to cut its massive energy deficit that has strained household and commercial activity alike.

Clocks went forward by an hour on the stroke of midnight on Saturday, putting the national time six hours ahead of the Greenwich Mean Time.

Pakistan, which is currently facing an energy shortfall of around 4,500 megawatts coupled with low water levels in dams, had experimented with the mechanism twice in the past but with little success.

Madrid  - The Spanish oil company Repsol will seek government permission to explore for oil in Canary Islands waters claimed by Morocco, the daily El Mundo reported Monday.

Repsol believes there could be an important oil reserve in a zone located about 60 kilometres off the Spanish islands, according to the daily.

Oil exploration has so far been prevented by opposition from environmentalists and from Morocco, which questions Spain's jurisdiction over the water zone.

Rabat reacted harshly to a previous, 2001 plan by Repsol to search for oil off the Canary Islands, El Mundo said.

Manila  - Asia-Pacific energy experts, policymakers and project developers on Tuesday called for massive new investments in clean energy amid spiraling costs for oil and coal and the growing threat of climate change.

At the opening of an annual Asia Clean Energy Forum at the Manila-based Asian Development Bank (ADB), organizers and participants stressed the need to scale up investments in clean energy solutions.

"The challenges we face today, soaring fuel and commodity prices, threats from climate change, and growing problems of poor people having limited access to energy, all point to the need to take action," ADB Vice President Ursula Schaefer Preuss told the forum.

Kuala Lumpur  - Malaysia will lift price controls on petrol and diesel as part of efforts to reduce the government's financial burden from subsidies, a minister said Tuesday.

The ruling, which takes effect beginning August, will allow pumps to sell fuel at world market prices, said domestic trade and consumer affairs minister Shahrir Abdul Samad.

Petrol, diesel and gas are currently heavily subsidized, making them among the lowest in the region.

The government has said subsidies alone this year is expected to cost 45 billion ringgit (14 billion dollars).

Shahrir was quoted as saying by the official Bernama news agency that petrol and diesel prices would now "depend on global market prices."

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) has risen, after dropping 4,89 dollars over the course of last week, OPEC said on Tuesday.

One barrel (159 litres) of OPEC-produced crude stood at 122.10 dollars on Monday, compared with 121.68 dollars the previous Friday.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

New Delhi, June 4: A Cabinet meeting will be held here today to decide on increasing the prices of fuel, which has now become almost inevitable due to the continuous rise in international crude oil prices.

On Tuesday, External Affairs Minister Pranab Mukherjee said the Cabinet Committee on Political Affairs (CCPA) meeting would aim to agree upon the need for raising the petrol, diesel and domestic LPG prices.

If the CCPA arrives at a consensus, the Cabinet Committee on Economic Affairs (CCEA) may be called.

As per views of stock market analysts, day traders can purchase Larsen & Toubro (L&T) stock on declines to achieve an intraday target of Rs 2,855.

If the stock market remains positive, the next target for the day will be above Rs 2,857. The stop loss marked for the suggested stock is Rs 2,848.

Shares of the company, on Tuesday (June 3), closed at Rs 2,849.10 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 349654. The share price also touched a high of Rs 2,890 and Rs 2,802 during the day. The share price has seen a 52-week high of Rs 4,670 and a low of Rs 1,863.35 on BSE.

The stock has great potential. It can still exhibit superb surge. The long term traders are recommended to hold the stock.

Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued its downward movement on Tuesday after an initial increase at the start of the week, data released by OPEC showed on Wednesday.

One barrel (159 litres) of OPEC-produced crudes stood at 121.69 dollars Tuesday, 41 cents lower than the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

ABB India has won orders worth Rs 295 crore to provide power solutions for JSW Energy for its upcoming 4x300 Mw thermal power plant in Ratnagiri in Maharashtra.

JSW Energy is part of the JSW Group, an Indian conglomerate with interests in steel, power, cement, aluminium, software and infrastructure industries.

The orders are for a range of power solutions including, electrical balance of plant, 400kv gas insulated switchgear (GIS) substation and generator transformers.

ABB's solutions for the project comprise several leading edge power technologies for improved system efficiency.

Kuala Lumpur  - Malaysia has lifted a ban on the sale of fuel to foreign cars following a massive 40 per cent hike in the price of gasoline, reports said Thursday.

Prime Minister Abdullah Ahmad Badawi announced Wednesday that the price of petrol would be raised to 2.70 ringgit (87 cents) a litre from 1.92 ringgit (61 cents) from Thursday.

The move, which reduces the government's massive subsidy bill, sparked a mad rush of drivers to fill up before midnight Wednesday at petrol stations nationwide.

Manila  - The Asian Development Bank (ADB) said Thursday it has approved a 100-million-dollar multi-tranche loan to fund a pilot programme to bring energy-efficient technology to major power consumers in China's southern province of Guangdong.

The Manila-based ADB said the fund will be used by the provincial government of Guangdong to grant loans to industrial and commercial establishments to retrofit energy-intensive facilities with energy-efficient technology.

Manila  - Philippine President Gloria Macapagal Arroyo on Thursday appealed to all Filipinos to save on fuel and electricity consumption amid skyrocketing prices.

In a message marking World Environment Day, Arroyo also directed all government agencies and entities to undertake energy-saving measures.

Ljubljana  - The shutdown of the Slovenian nuclear power plant at Krsko following a coolant leak was standard procedure and "nothing unusual," plant director Stane Rozman said Thursday.

"We handled it properly. It was the foreseen security procedure for such cases," he told Radio Slovenija. In his words, the problem was located and would be eliminated "within a few days."

Krsko, in south-west Slovenia close to the Croatian border, shut down the reactor within two hours of coolant beginning to spill from its primary cooling system Wednesday afternoon.

When the plant issued the alert, it was passed on to all 27 European Union member states. No discharge of radioactive matter to the environment occurred.

Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped by more than 3 dollars on Wednesday, OPEC said on Thursday.

One barrel (159 litres) of OPEC-produced crude stood at 118.56 dollars Tuesday, compared with 121.69 dollars on the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

New Delhi  - Three communist-ruled states in India shut down Thursday to protest the federal government's decision to hike the prices of petrol, diesel fuel and cooking gas, officials said.

Left-wing partners of the ruling United Progressive Alliance (UPA) said the price hikes of 9.5 to 17 per cent were "unjustified," demanded a rollback and launched weeklong protests on Thursday with a 12-hour dawn-to-dusk shutdown in the eastern states of Tripura and West Bengal and southern Kerala, which they govern.

Life came to a standstill in West Bengal and Tripura, where rail and air traffic was disrupted and scores of passengers stranded at airports and railway stations.

Manila  - The world's three largest lighting companies on Friday launched a plan to rid the Asian market of shoddy energy-saving lights called compact fluorescent lamps (CFL), which cast a poor light on the 7-billion-dollar industry.

Philips, OSRAM and General Electric signed a pact to establish standards for the lights on the sidelines of an Asia Clean Energy Forum at the Manila headquarters of the Asian Development Bank.

Under the agreement, lighting suppliers in Asia would develop performance levels to rate CFL quality, a system for product marking and a regional database so consumers could identify which CFLs meet quality standards, the bank said.

Tokyo  - Halving greenhouse gas emissions by 2050 would cost 45 trillion dollars in addition, the International Energy Agency (IEA) said Friday.

The Paris-based agency released a report upon request from the Group of Eight (G8) member states and proposed that innovative technology be required to achieve the goal.

In Energy Technology Perspectives 2008 report, the IEA said every year 25 gas-fired and 35 coal-fired power plants need new carbon-dioxide capture and storage technology, which would cost 1.5 billion dollars each.

Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) rose only slightly on Thursday, OPEC announced Friday.

One barrel (159 litres) of OPEC-produced crudes stood at 118.77 dollars on Thursday, 0.21 dollars higher than the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel member states. (dpa)

New Delhi  - Life in India's eastern state of West Bengal and southern Andhra Pradesh was disrupted Friday after opposition parties called a daylong shutdown to protest a hike in fuel prices, officials said.

Demanding a rollback, the left-wing partners of the ruling United Progressive Alliance (UPA) launched weeklong protests on Thursday with a shutdown in the West Bengal, eastern Tripura and southern Kerala states, which they govern.

The strikes began a day after the UPA increased prices of petrol, diesel fuel and cooking gas 9.5 to 17 per cent.

West Bengal was in the grip of the second day of the strike, which disrupted road and rail transport and was called by the opposition Trinamool Congress party.

Berlin  - Germany's parliament passed Friday legislation that trims cross-subsidies for the booming solar-power industry while boosting other methods of cutting carbon emissions when generating electricity.

With an election due next year, the legislation has been controversial because the extra costs will be loaded onto householders' and businesses' electricity bills at a time when German consumers are already glum over soaring fuel costs.

Under a compromise hammered out by Chancellor Angela Merkel's government, power companies are to pay less for power fed into the national grid from solar panels on the roofs of homes, but will come under pressure to use more wind power.

Luxembourg  - Italy on Friday called on the European Commission to revise its biofuels targets in view of rising fuel prices.

"The (EU) should revise its objective in light of what is happening with food prices, which can no longer be ignored," said Italian Energy Minister Claudio Scajola on the sidelines of an EU meeting in Luxembourg.

In March 2007 the EU's member states agreed to derive 10 per cent of the bloc's fuel needs from plant-based sources by 2020.

The target was part of a package of measures aimed at reducing Europe's reliance on energy imports and fighting global warming.

Tokyo - Record high oil prices have reached "abnormal levels", according to Japan's Economics Minister Saturday.

Speaking during a one-day meeting of representatives from Japan, United States, China, India and South Korea in Aomori city, Economics Minister Akira Amari said oil prices "are major risk factors for a recession in the world economy, not to speak of energy security."

However, US Energy Minister Samuel Bodman said speculators were not behind the rising oil prices.

Speaking to journalists before the start of a meeting of energy ministers from the seven largest industrial nations (G8) plus Russia on Sunday, he added: "Oh well, it's high. But it's a factor of increasing demand with the flat supply."

In order to assess medium and long term demand of gas potential of the state, Gas Authority of India (GAIL) announced that it has entered into a gas co-operation contract with Tamil Nadu Industrial Development Corporation (TIDCO).

Oil prices climbed on Friday amid reports it could touch USD 150 by the coming month (July 2008) due to increasing demand and political pressure.

The recent increase in oil prices came as worries of a new West Asia clash were fanned by remarks from a top Israeli bureaucrat about Iran.

The spike in oil prices coincided with a dollar slump, plummeting share prices on Wall Street and US unemployment suffering its biggest rise in 20 years.

Energy representatives from the world’s largest consuming nations are assembling in Japan to talk about fuel prices.

Aomori, Japan - Energy ministers from Japan, the United States, China, India and South Korea expressed "serious concern" Saturday at record-high oil prices, saying they were not in the best interests of consumers or producers.

Speaking at the close of a one-day meeting in Aomori, the ministers said oil producing countries had to invest more in the development of oil and gas.

However, the ministers only agreed on the necessity to abolish price subsidies, according to Indian and Chinese delegates atthe talks.

Speaking earlier Saturday, Japan's Minister for Economics, Industry and Trade, Akira Amari, said oil prices "are major risk factors for a recession in the world economy, not to mention energy security."

Aomori, Japan  - Energy ministers from the Group of Eight (G8) - the seven largest industrialized economies and Russia - met Sunday in Aomori, Japan, with ministers from China, India and South Korea to discuss soaring world prices for oil and natural gas.

Japanese Economy Minister Akira Amari said at the start of the meeting that the G8 ministers were also discussing progress on an action plan for global energy security, which was agreed by G8 members in 2006. (dpa)

Wellington  - The New Zealand government will launch a national television campaign to persuade consumers to save electricity at the weekend unless significant rain tops up hydro storage lakes in the next few days, Energy Minister David Parker said on Monday.

Parker insisted that power cuts were not likely in the winter that began with a severe cold snap on June 1 but said New Zealand was experiencing its driest year since 1992 and a conservation campaign was prudent.

Speaking at a news conference after the weekly cabinet meeting discussed the situation, Parker denied that the country faced a power crisis, and said, "We do not want the sick or elderly to turn off the heaters at home.

Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) jumped more than seven dollars at the end of last week, OPEC said on Monday.

One barrel (159 litres) of OPEC-produced crudes stood at 126.11 dollars a barrel on Friday, compared with 118.77 dollars the previous day.

On the New York stock exchange, oil prices surpassed the 139 dollar per barrel mark on Friday.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

According to Karvy, investors can purchase the stock on declines with a strict stop loss of Rs 108.

Shares of the company, on Tuesday (June 10), closed at Rs 111.35 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 17532. Current EPS and P/E ratio stood at 11.88 and 9.50 respectively. The share price also touched a high of Rs 114 during the day. The share price has seen a 52-week high of Rs 182.5 and a low of Rs 107.9 on BSE.

The company’s board of directors, at its meeting held on Jun. 18, 2008, will consider recommendation of dividend for the financial year 2007-08.

Bangkok - Thousands of Thai truck drivers went on strike Wednesday, parking their vehicles along the nation's highways to protest high fuel prices.

"If we work we lose money, so it's better not to work," said Thongu Kongkhan, secretary-general of the Transportation Federation of Thailand.

Thongu claimed that altogether 120,000 trucks out of 700,000 operating nationwide had joined the strike on Wednesday, parking their 10-wheel and container vehicles in queues stretching up to 10 kilometres along Bang Na Trad Highway on the outskirts of Bangkok and along other major highways in Chonburi, Rayong and Nakorn Sawan provinces.

Baghdad - Iraq's deputy electricity minister said on Wednesday that leading German company Siemens will provide Iraq with equipment to strengthen its power grid.

Iraq has agreed with Siemens that the company will share in the building of a total of 16 power plants with a capacity ranging from 160 to 270 megawatts, Salam Kazaz told the Iraqi al-Sabah newspaper.

He said that the power plants were aimed at strengthening the country's power network with 3,250 megawatts of power within two years.

"The deals will be sealed with Siemens after the consent of the prime minister's office," Kazaz said.

The negotiations with the German company are taking place in the Turkish city of Istanbul.

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) moved below the 130 dollar mark on Tuesday, data released by OPEC showed on Wednesday.

One barrel (159 litres) of OPEC-produced crudes stood at 128.65 dollars Tuesday, down 2.22 dollars from the record-setting 130.87 dollars the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

Nicosia, June 12: Speaking at a meeting of the Egyptian Electricity Holding Company, the country’s Electricity Minister Hasan Yunis has said that the Egyptian Government plans to spend 7.5 billion dollars on power generation over the next five years.

Yunis said that in addition to raising Egypt’s power generation capacity by 7,375 megawatts (mw), the investment would boost Egypt’s wind, hydroelectric and solar power, and extend the country’s aerial and terrestrial power lines by 7,700km.

The Minister added that he had managed to secure the greater portion of the funds needed to finance the scheme.

TATA Agrico, the pioneer manufacturer of superior quality agricultural implements in the country, has entered into an agreement with TATA BP Solar for distributing the solar products of the latter, primarily in the rural areas across India.

This initiative is primarily aimed at targeting consumers who are deprived of regular electricity supplies owing to poor infrastructure in India.

Both the companies shall primarily focus on products such as solar lanterns, streetlights, and water heating systems in this venture.  The companies see huge potential in rural and semi urban markets and have decided to start this partnership from Bihar in June, which will be followed by a nationwide rollout.

Stockholm - A reactor at the Swedish nuclear plant Ringhals has been offline for a month after problems with auxiliary coolant pumps were detected during annual maintenance work, the plant said Friday.

Two of the three auxiliary pumps had "insufficient capacity," Ringhals spokesman Gosta Larsen told local media.

The maintenance work began early May and the problems were detected during the overhaul.

The reactor was to remain offline pending further analysis, Larsen said, adding that Westinghouse that designed the plant was also to assess the matter.

The Swedish Nuclear Power Inspectorate (SKI) has been notified and a spokesman said the agency was waiting for a report from Ringhals.

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued to hover slightly below the 130-dollar mark, figures released by OPEC on Friday showed.

One barrel (159 litres) of OPEC-produced crude stood at 129.77 dollars Thursday, up 0.88 dollars from 128.89 dollars the previous day.

On Monday, the price of OPEC stood at a record-setting 130.87 dollars.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

New York  - Saudi Arabia is planning to make a five per cent increase in crude oil production next month, according to a report by the New York Times Saturday.

The newspaper reported in its online edition that Saudi Arabia wants to increase its daily output in the coming month by approximately one half million barrels, according to analysts and oil dealers of Saudi officials.

The kingdom would then have a daily output of nearly 10 million barrels with the increase. According to New York Times, the measure is an indication that the Saudis are nervous about the increasing political and economic effect of high oil prices.

Sydney  - Prime Minister Kevin Rudd announced Monday that Australia would be represented at a meeting of major oil-producing and oil-consuming countries in Saudi Arabia next week.

Rudd is under pressure over fuel prices with an opinion poll showing nearly 80 per cent of voters in favour of a tax cut to bring prices down.

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) rose to 130.52 dollars on Friday, OPEC said in a statement on Monday.

One barrel (159 litres) of OPEC-produced crudes stood 0.75 dollars higher on Friday, compared with 129.77 dollars the previous day.

In the past week, the price for OPEC crude hovered slightly below the record price of 130.87 dollars set on June 9.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

Wellington - New Zealand will phase out traditional incandescent light bulbs next year as part of an energy-efficient lighting strategy that will save nearly 500 million New Zealand dollars (about 375 million US) annually by 2020, the government announced on Tuesday.

Energy Minister David Parker said that only 5 per cent of the energy used by traditional bulbs generated light - the rest was wasted as heat.

The strategy, using new energy-efficient bulbs, aims at a 20 per cent reduction in the energy consumed by lighting throughout the country by 2015.

Gordon Wiffen, commercial manager of Philips Lighting, said New Zealand was uniquely placed to lead the world in the change to energy efficient lights.

London, June 17 : In an earlier article on the oil crisis I had written that the oil crisis was heading for a far more serious crisis ---- economic of course. As one keeps track of the day to day movement of oil, the protests, demonstrations around the world over rising cost of petroleum and diesel and speak with the experts it is beginning to emerge that perhaps an economic disaster could well be in the making for the world at large, including India.

Riyadh - Saudi Arabia is planning to invest 80 billion dollars to increase its oil output to 12.5 million barrels per day and boost its refining capacity by 43 per cent in the next few years, according to an economic report published Tuesday.

With the increase in oil prices, Saudi Arabia's economy will expand and its investment in the oil industry and non-oil sectors will see a big increase in the next years, the report issued by the Federation of Chambers of Commerce and Industry in the Gulf Cooperation Council (GCC) predicted.

Riyadh plans to expand its refinery capacity to 6 million barrels per day in the next years, according to the report, which was published in the Saudi daily Arab News.

Tokyo - Japan and China have agreed on a joint natural gas exploration project in the disputed East China Sea, Japanese media reported Tuesday.

The two nations agreed to establish a joint venture for the project in the Chunxiao gas field, while China would take profits proportional to the size of investment it already made.

China began development of the Chunxiao field, which lies a few kilometres west of the Japan-claimed median line, as well as in waters around Duanqiao and Longjing fields.

The two governments were expected to officially announce the agreement this week as they continue negotiations on other fields.

Hong Kong - The Hong Kong government said Tuesday it was considering cutting the duty on diesel, one week after lorry drivers staged a slowdown protest through the city centre.

But a government spokesman pointed out the duty on diesel in the former British colony accounts for less than 5 per cent of overall retail price, a low level by world standards.

The announcement of the review on diesel duty rates came one day before Hong Kong legislators debate a motion to call for lower duties on fuel to combat soaring fuel prices.

Last Tuesday, hundreds of lorry drivers marched to the government offices in the city of 6.9 million demanding a cut in fuel duty to offset soaring diesel prices.

Nicosia, June 18: The news that Saudi Arabia has told the UN Secretary General Ban Ki-moon that it will increase its crude output to 9.7 million barrels a day (b/d) in an effort to bring down prices, was welcomed by some OPEC members, while others said that it would not tame prices.

The increase by 200.000 b/d would take Saudi crude output to its highest monthly rate since August 1981, according to US government data. Last month, the Kingdom also raised production by 300,000 b/d.

Kuwaiti Finance Minister Mustafa Al-Shimali on Tuesday backed Saudi Arabia, saying prices were too high and energy costs were restricting growth and adding to inflationary pressure.

"A reasonable oil price would be more or less $100," he said.

Hong Kong  - Diesel duty may be axed altogether by the Hong Kong government after protests by lorry drivers hit by soaring fuel prices, legislators said Wednesday.

A group of pro-government legislators who met Hong Kong's transport secretary Eva Cheng Wednesday morning said afterwards that the government was considering scrapping the duty.

"We urged the government to cut all duty on diesel and (Cheng) said she would think about it and respond as soon as possible. We hope we will hear good news in the next few days," legislator Lau Kong-wah said.

The move comes a week after lorry drivers staged a slow-drive protest over fuel prices through the city centre and hundreds of lorry drivers petitioned the government for a cut in duty.

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) moved below 129 dollars on Tuesday, according to data released by OPEC on Wednesday.

One barrel (159 litres) of OPEC-produced crudes stood at 128.98 dollars a barrel on Tuesday, 0.80 dollars lower than 129.78 dollars on the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell by 0.53 dollars, according to data released by OPEC on Thursday.

One barrel (159 litres) of OPEC-produced crude stood at 128.45 dollars a barrel on Wednesday, down 0.53 dollars from 128.98 dollars on the previous day.

An increase in oil output by OPEC members was not needed as the current supply level exceeds demand and spiralling prices are mainly caused by speculators, OPEC officials said Wednesday.

Beijing  - China on Friday announced rises in petrol and diesel prices of 16 per cent and 18 per cent, respectively.

Petrol will now cost 6,980 yuan (1,015 dollars) per ton and diesel will be 6,520 yuan (949 dollars), both up by 1,000 yuan (145 dollars) per ton.

The price of aviation kerosene will be raised by 1,500 yuan (218 dollars) per ton to 7,450 yuan (1,084 dollars), the government said.

The official China Daily newspaper said the government was forced to raise its subsidized oil prices for the first time in eight months "because of the soaring price of crude in the international market."

Kathmandu  - Students protesting a government decision to increase fares on public transport turned violent Friday with students clashing with police and attacking vehicles.

The demonstrations followed increases in petroleum prices, which in turn led to a rise in public transport fares.

Groups of students blocked roads in several areas of Kathmandu by putting up barricades and burning tyres.

"Police clashed with students in several locations after the student protests turn violent," the Kathmandu police office said. "The protestors smashed windscreens of at least half a dozen vehicles and set fire to a government-owned vehicle."

At least nine students were injured.

Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) rose again slightly on Thursday, reverting a downward movement started at the end of last week, data released by OPEC on Friday show.

One barrel (159 litres) of OPEC-produced crude stood at 129.44 dollars a barrel on Thursday, 0.99 dollars higher compared with 128.45 dollars on the previous day.

Saudia Arabia, the world's largest oil exporter, has invited oil consumers and producers to a summit in Riyadh on Sunday to discuss the causes of spiralling oil prices.

Singapore - Coal equities in Association of South-East Asian Nations (ASEAN) countries are forecast to outperform the broader marker longer than expected, a Goldman Sachs report said on Monday.

Robust demand from emerging markets, supply constraints and coal's relative attractiveness to oil were cited as the basis for further upsides in thermal spot prices in 2008 and 2009.

"We believe that the positive coal fundamentals and improved pricing in the export and domestic markets have placed ASEAN coal companies on the cusp of an earnings acceleration cycle," the report said.

Indonesian coal producers are expected to be the major beneficiaries of the thermal coal price rally with 74 per cent of their coal production for export.

Nairobi/Abuja  - A militant group responsible for attacks on oil facilities that have disrupted oil production in Nigeria will observe a unilateral ceasefire from Tuesday midnight, the group said in a statement.

Jomo Gbomo, a spokesman for the Movement for the Emancipation of the Niger Delta (MEND), said in an emailed statement late Sunday that his group was giving peace and dialogue another chance at "the request of Niger Delta elders."

The move is a dramatic turnaround after two high-profile attacks in recent days.

Royal Dutch Shell last Thursday was forced to shut down its offshore Bonga field after a militant attack, which was followed up over the weekend by an assault on a Chevron pipeline.

Kuala Lumpur  - Malaysia plans to enforce a mechanism to make foreign drivers pay the market price for fuel so that only locals are able to enjoy a government subsidy, reports said Monday.

Deputy Prime Minister Najib Razak said the government will implement a dual-pump system at petrol stations in border areas where foreigners and locals pay different prices for gasoline.

New Delhi  - India is all set to sign an agreement on a 7.5-billion-dollar gas pipeline with Iran and Pakistan in the coming weeks, even as there are no signs of progress on its nuclear deal with United States owing to domestic political opposition, media reports said Monday.

In an interview with the NDTV network, India's Petroleum Minister Murli Deora said an agreement on the Iran-Pakistan-India (IPI) gas pipeline was likely within the next four to five weeks.

"There were some minor problems which have been sorted out... Very soon we should be able to sign the agreement with Iran and Pakistan," he told the news channel on the margins of the meeting of the world energy ministers in Jeddah.

Kathmandu - A day-long general strike called by four fringe parties Thursday crippled normal life in the Nepalese capital Kathmandu.

The strike was called by four parties that are not represented in the constituent assembly to protest the government decision to hike prices on petroleum products.

The parties are demanding a roll-back of fuel prices and transport fares.

The strike completely shut down the main markets, financial and education institutions and brought normal traffic to a grinding halt.

Strike supporters manned the main intersections of Kathmandu, forcing vehicles that had defied the strike to stop operations.

Singapore  - Record petrol prices have hit budget car sales the hardest, with monthly pump prices beginning to match loan instalment payments for some models, published trade figures said Friday.

Sharp drops in sales of 50 per cent or more hit Chevrolet, Hyundai, Kia and Ford, The Straits Times said. Chinese brands are also reeling.

Models priced below 60,000 Singapore dollars (44,776 US dollars) were the worst hit.

"Budget cars are bought by budget buyers," Paul Ng, general manager of Vertex Automobile, was quoted as saying. Vertex distributes China's Chery. "With inflation so high, these people would want to take care of necessities rather than spend on big- ticket items."

Wellington  - New Zealand's economy shrank by 0.3 per cent in the first quarter, according to official figures released Friday, confirming analysts' fears that the country is heading into recession.

The drop in gross domestic product (GDP), as reported by Statistics New Zealand, was in line with market predictions, and economists' attention is now focussed on whether GDP will also contract in the June quarter, which would meets the technical definition of a recession.

Despite the quarterly contraction, the economy grew by 3 per cent over the previous 12 months, after Statistics New Zealand revised down its figure for growth in the December quarter from 1 per cent to 0.8 per cent.

Sydney  - Australian Prime Minister Kevin Rudd has reiterated his opposition to nuclear power after luminaries from within his own Labor Party described it as an essential bridge to a non-carbon future.

"On the question of nuclear, we believe that we have a huge range of energy options available to Australia beyond nuclear with which and through which we can respond to the climate change challenge," Rudd said when commenting on the call for a rethink by former state Labor leader Bob Carr.

"There is no other bridging technology to get us from this catastrophic burning of coal and oil into the era of cheap and infinite renewable power," Carr said of nuclear power.

Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) rose above the 130 dollar mark again on Thursday, an OPEC statement said Friday.

One barrel (159 litres) of OPEC-produced crude stood at 130.77 dollars a barrel Thursday, up 0.90 dollars from 129.87 the previous day.

OPEC president Chakib Khelil said oil prices between 150 and 170 dollars a barrel during the summer were possible, according to an interview with television station France 24 on Thursday.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

High subsidies and wages are paralyzing to the state run companies day by day. The ever increasing international prices of crude oil have worsened the scenario. Following such high subsidies and wages state run Oil and Natural Gas Corporation (ONGC) has incurred net profit drop in last ten years.

The Q4 profit of the country's largest oil exploration and Production Company has dropped by 2%. The net profit fell 2 per cent to Rs 2,627 crore during the fourth quarter. ONGC has lost its status of the highest profit-making company to Reliance Industries following this loss in net profit for Q4. The company's depreciation cost also rose by 34 per cent to Rs3844.48 crore during the quarter from 2,863.73 crore.

Bangkok  - Thailand's Saha Group - the country's leading consumer products giant with more than 300 factories and offices nationwide - has announced plans to reduce its oil consumption by 1 per cent this year by using solar energy, reports said Saturday.

The group has used Chinese-made solar cells to provide electricity in the office area of its Sahacogen power plant in Chonburi provice, said Saha Group Chairman Boonsithi Chokwatana.

The country’s first electricity power exchange — the Indian Energy Exchange Ltd (IEX) started functioning on Friday. IEX is an online national platform for spot trading of electricity that connects power-deficient consumers with power-surplus entities in the country. On June 9, the Central Electricity Regulatory Commission (CERC) gave green signal to IEX to start operations.

IEX is jointly promoted by Financial Technologies (India) Ltd and PTC India Ltd.

Tokyo - Group of Eight leaders were expected to agree to expand the use of civil nuclear power to fight climate change at the upcoming Toyako summit July 7-9, according to Japanese media Monday.

The world's seven largest economies and Russia expect to reach a consensus next week in Toyako, Japan, on a new initiative for the use of nuclear power while pledging three principles of nonproliferation, safety and nuclear security, Kyodo News Agency said citing a draft of a post-summit statement.

Amsterdam - Taxes on diesel and petrol went up on Tuesday in the Netherlands despite months of protest by the Dutch umbrella organization for bus and truck drivers, BOVAG.

Taxes on diesel rose by 3 euro cents (4.72 dollar cents) and on petrol by 1.5 euro cents (2.36 dollar cents).

BOVAG is due to protest the extra taxes in the Dutch parliament on Tuesday. (dpa)

Oil Drilling And Exploration major, Aban Offshore has made announcement that the company has dismissed USD 10.53 mn (Rs 4,417 crore) contract with Husky Oil China due to unforeseen circumstances not known at the time of agreeing the Letter of Intent (LOI).  
 
The proposed contract was bagged by the company in May for drilling rig Murmanskaya Offshore of Russia. The contract period was for 50 days.

But now, the rig has been mobilised to Singapore and the company is actively marketing the same.

In April, Aban Offshore had signed a 34 mn dollar (about Rs 135.89 crore) contract with Exxon Neftegas for the deployment of the jack-up rig Murmanskaya offshore Russia for a two-well programme.  
 

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued to climb to a new record level above 136 dollars, figures released by OPEC on Tuesday showed.

One barrel (159 litres) of OPEC-produced crude stood at 136.03 dollars Monday, 0.72 dollars higher compared with 135.31 dollars on the previous day.

Oil production in OPEC countries rose to 32.57 barrels per day in June, Vienna-based analysts JBC estimated.

This increase of 230,000 barrels from May was partly due to higher output in Saudi Arabia, which pumped 200,000 barrels more in June than in the previous month.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

Dhaka - The interim government in Bangladesh raised fuel prices Tuesday by a whopping 33 per cent to match global oil price hikes, officials said.

An official statement said that the prices of petrol had been increased to reduce mounting losses by the state-run Bangladesh Petroleum Corporation which has the monopoly on importing and marketing petroleum products in the country.

Prices for diesel and kerosene rose sharply by 27 per cent as the government decided to reduce subsidies on all petroleum products, including furnace oil and gas sold in cylinders.

Kuwait City - Kuwait is drawing up a contingency plan to maintain the flow of oil exports in case Iran closes the Strait of Hormuz, a vital oil route in the Gulf, a Kuwait official was quoted as saying Tuesday.

"There are precautionary plans to export Kuwaiti crude in cooperation with the Gulf Cooperation Council (GCC) countries, but those plans are not finalized yet," Saad al-Shuwaib, head of the state oil firm Kuwait Petroleum Corp was quoted as saying by KUNA news agency.

The comments came in response to remarks by the head of Iran's Revolutionary Guards on Saturday that Tehran would impose restrictions on shipping in the Gulf if attacked by Israel.

Oil price has reached a record high above $142 a barrel on Friday, and are expected to reach around $170 this year, owing to a weak dollar and geopolitical unrest.

Conumers are blaming the surge on insufficient output from the Organization of Petroleum Exporting Countries(OPEC). However, OPEC argues that the speculators are responsible for pushing up crude in reaction to a falling dollar and tensions in oil-producing countries, such as Iran, Iraq and Nigeria.

Opposing the reduction in prices on June 5 as a result of the government’s decision to cut Customs duty on the fuel from 10 per cent to 5 per cent, the oil marketing companies have raised prices of aviation turbine fuel (ATF) by 7 per cent.

ATF prices have been raised by 7.04 per cent in Kolkata, while prices in Delhi, Mumbai and Chennai have gone up by around 4.35 per cent. On June 5, prices of the fuel were reduced by around 4.33 per cent.

Aviation turbine fuel (ATF) would now cost Rs 69,097.19 a kilo litre in Delhi, while in Mumbai it would cost Rs 71,630.53 a kilo litre.

Washington  - Despite financial market turmoil, the United Nations Environment Programme (UNEP) said Tuesday alternative energy investment had another record-setting year in 2007.

Concerns about climate change, rising oil prices, energy security and growing support from world governments have pushed energy investment to a record 148 billion dollars in 2007, a 60-per-cent rise from 2006, according to UNEP analysis.

Chennai-based BGR Energy Systems Limited, one of the leading Energy equipment supplier has secured an EPC contract worth Rs 3,100.06 crore from the Tamil Nadu Electricity Board. The order entails set up of 600 megawatt power plant at Mettur.

The project involves design, engineering, supply of boiler, steam turbine generator and complete balance of plant equipments inclusive of all mechanical, electrical, instrumentation and control systems, and civil, structural and architectural works necessary for putting into commercial operation on Engineering, Procurement and Construction basis.

The project is to be completed over a period of 39 months.

The prices of petroleum are higher than ever. All the developing countries are worried about the adverse effects of this price rise on the economies. Leaders and economists all over the world are holding various conferences to tackle this situation. As oil set a new record, top industry executives and a senior European government official urged the world to pull together in the face of skyrocketing energy prices, while acknowledging that costly crude is here to stay for years.

Taipei - The Taiwan Power Co (Taipower), after promising to plant 1 million trees, has won permission from the Environmental Protection Administration (EPA) to expand one of its power plants, a newspaper said on Thursday. 

According to the Commercial Times, EPA gave approved Taipower's plan to expand its coal-fired power plant in Linkou, outside Taipei, after Taipower had promised to plant 1 million trees to compensate for green house emissions from the expanded plant. 

In its report to EPA, Taipower detailed short-, mid- and long-term measures for environmental protection, and pledged to cut its 2020 greenhouse emission to the level of 2008, the daily said. 

ICSA India has made announcement that the company has pocketed work orders for a total value of Rs 1.45 billion from Uttar Haryana Bijlee Vitaran Nigam, Dakshin Haryana Bijlee Vitaran Nigam, Maharashtra State Electricity Distribution Company and others, for supply and erection of 132KV Substations and Lines, 33/11 KV Substations and Lines, 11KV substations and lines and also for erection, testing and commissioning of HT, LT, DTRs

Established in 1994, ICSA provides the energy sector with innovative solutions.

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) climbed to a new high above 137 dollars Wednesday, a statement by OPEC said Thursday.

One barrel (159 litres) of OPEC-produced crude stood at 137.73 dollars Wednesday, up 0.79 dollars from 136.94 dollars on the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

Nearly three-day-old fuel crisis in Chennai is over with
starting of normal distribution of petroleum products on pumps. Oil marketing
companies have ensured substantial quantities of oil stock to meet with any
demand fuel in city. There was no rush on petrol pumps and business was as
usual. State government held meeting with executives of oil companies to
resolve the issue of petroleum products in state. Various oil companies like
Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan
Petroleum Corporation Ltd participated in meeting beside state government
officials. The government has directed oil companies to forward the details of
opening and closing balance to the Food Secretary and Civil Supplies
Commissioner.

Carborundum Universal (CUMI), a Murugappa Group company, has entered into an agreement with Foskor (Proprietary) Limited of South Africa to acquire 51% equity stake in Foskor Zirconia (Proprietary) Limited, a South Africa-based zirconia and fumed silica maker, for an undisclosed sum.

The acquisition agreement has been signed by the companies Thursday in South Africa.

Singapore - Renovations to a research institute will turn the facility into Singapore's first zero-energy building, news reports said on Saturday.

Officials plan to cover the government-run BCA Academy with half a football field's worth of solar panels.

"Hopefully, with a little help from heaven, there won't be too many rainy days," The Straits Times quoted National University of Singapore Professor Lee Siew Eang as saying.

The ultra-efficient institute is scheduled for completion next year, at the forefront of a drive to reduce power consumption and cut greenhouse gas emissions in the city-state.

Washington, July 5 : Scientists have suggested that a possible solution to high energy costs could lie underground in the form of compressed air energy storage 
(CAES).

Sandia National Laboratories researchers Georgianne Peek and Steve Bauer have put this idea forward.

“Until recently energy has been relatively inexpensive. But now prices are rising dramatically, and we need solutions,” said Peek. “CAES and other storage technologies are not the only answer to our energy needs, but they can be an important part of the solution,” he said.

CAES facilities function like big batteries. 

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell below 139 dollars a barrel on Monday, data released by OPEC on Tuesday showed. 

One barrel (159 litres) of OPEC-produced crude stood at 138.44 dollars Monday, down 1.69 dollars from 140.13 dollars last Friday. 

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

Cairn India, a unit of Britain's Cairn Energy has signed a memorandum of understanding (MoU) with Government of Sri Lanka for exploration license to explore oil and natural gas in the Mannar Basin.

Under the agreement, Cairn India will commence its exploration activities in Block SL2007/01/001 in the Mannar basin which covers 3400 square km, at depths between 200 to 1,800 meters within six months.

The work program includes proposals to acquire 5,000 kilometers (km) of 2D, 1,000 km2 of 3D seismic and drill three wells in the initial three years of the eight year exploration period.

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped more than three dollars on Tuesday, according to data released by OPEC on Wednesday. 

One barrel (159 litres) of OPEC-produced crude stood at 135.21 dollars, 3.23 dollars lower compared with 138.44 dollars on the previous day. 

Crude oil fell more than 5 dollars to 136.04 dollars per barrel in New York on Tuesday. 

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

It was a moment of joy and glory when Tata Power Company (TPC) was given a green flag by the Supreme Court (SC) to supply power to consumers having an average consumption of less than 1000 KVA in Mumbai and its suburbs. TPC now would be able to compete with its rival Reliance Energy.

Earlier Maharashtra Electricity Regulatory Commission (MERC) and Appellate Tribunal had restrained Tata Group Company from affecting the supply of power to consumers, ranging from individual houses to large ones like railways.

But SC’s bench comprising Justices Ashok Bhan and Altamas Kabir cancelled the earlier orders of MERC and the Appellate Tribunal when the TPC challenged their decision before the court.

Nicosia, July 10: Crude oil production from the giant Azadegan oilfield from the current level of 20,000 barrels a day (b/d) will increase to 170,000 b/d, the Managing Director of the National Iranian South Oil Company (NISOC) Gholamreza Hasan Beiglou said.

Azadegan, in the province of Khuzestan, is Iran’s biggest oilfield with an estimated 31 billion barrels of crude oil in an area of
1,400 square kilometres. The oilfield’s recoverable reserves are estimated at 5.2 billion barrels.

New Delhi, July 10 : Indian government today unveiled the text of safeguards agreement reached with the International Atomic Energy Agency (IAEA), the United Nations nuclear watchdog.

Under the agreement, India will place its civilian nuclear facilities under IAEA safeguards to facilitate full civil nuclear co-operation between India and members of IAEA.

The agreement also mentions that India will have to separate its civilian and military nuclear facilities. India will also have continuous access to fuel supplies.

The agreement envisages support for Indian effort to develop a strategic reserve of nuclear fuel to guard against any disruption of supply over the lifetime of India''s reactors.

London - French energy company Total has withdrawn from investing in Iran because of the growing political risk of doing so, its chief executive said according to a report Thursday.

Christophe de Margerie told the Financial Times in London in an interview that plans to develop the huge South Pars gas field would not go ahead because it was "too politically risky."

Analysts said Total's move will be a big blow to the Iranian energy industry, according to the Financial Times.

It means that Iran was now unlikely to increase its gas exports until late into the next decade.

Washington - The US plans to offer monetary incentives to the developers of a viable substitute for jet fuel, which could bring down surging petrol costs in the aviation industry, Transportation Secretary Mary Peters announced Thursday.

An amount was not given, but the competition, in conjunction with the X Prize Foundation, would be similar to a 10-million-dollar 2004 award given to the first private company to launch a manned spacecraft.

"The race to refuel American aviation is on, and our hope is that the X Prize will jump-start investment and spur innovation," Peters said at an aviation and energy summit in Washington.