Belgrade  - Russian energy giant Gazprom completed the purchase of a majority stake in the Serbian oil monopoly NIS Monday by wiring 400 million euros (512 million dollars) to Belgrade.

Serbia and Gazprom agreed the sale of 51 per cent of the NIS capital a year ago, but the deal was delayed by early elections in Serbia, as well as a strife within the new ruling coalition.

Economy Minister Mladjan Dinkic had criticized the deal as unfavourable for Serbia, but his objections faded as the financial crisis began taking its toll in Serbia.

Bangkok  - Southeast Asia Energy Ltd, a Thai-owned hydropower project in Laos, is preparing to list on the Stock Exchange of Thailand later this year, media reports said Monday.

Ch Karnchang, a Thai construction firm that owns the plant, is seeking a financial adviser for helping with the listing, which would become the first such cross-border listing of a company from Indochina on the Thai bourse, The Nation newspaper reported.

The company needs funding to complete the Nam Ngum II hydropower plant. The plant on the Nam Ngum River, a major tributary of the Mekong, is to generate 615 megawatts of electricity to be sold to Thailand.

The Bangkok bourse has a target to attract at least 40 firms from Indochina - Cambodia, Laos and Vietnam.

Country's largest oil marketing company, Indian Oil Corporation (IOC) announced financial results for the third quarter ended December 31, 2008. The firm managed to register 42 per cent increase in net profit at Rs 2,958.59 crore, on accounts of support through government bonds.

Sarthak Behuria, Chairman of IOC said, "In spite of inventory losses and lower refining margins, the profit could be achieved due to support from the government by way of additional bonds."

Due to the deepening recession, a decline in business from the US has been anticipated by India’s largest wind turbine maker, Suzlon Energy.  

At the sidelines of a press briefing to announce Q3 results, Sumant Sinha, COO – Suzlon Energy reported, “Currently, US constitutes around 30 per cent of our business but it may come down to 15 per cent in the next fiscal. However, we will keep exploring business opportunities in the Middle East, South Africa, Latin America, Sri Lanka and other countries where we find potential for wind power.”

A standalone net loss of Rs 390.93 crore for the third quarter ended December 31 was reported by Suzlon Energy on Friday, the balem of which could be put on forex losses. A net profit of Rs 338.18 crore was registered by the company for the same quarter FY 2008.

In an filing to the Bombay stock exchange, Suzlon Energy said, “The amount for the mark-to-market losses for the third quarter and for the nine-month period ended December stood at Rs 111.40 crore and Rs 202.03 crore, respectively.”