New Delhi, Jan.

With the intention to revivify and expand the agro-based industries in Bihar, state-run Hindustan Petroleum Corporation Limited (HPCL) has signed a memorandum of understanding (MoU) with the Bihar State Sugar Corporation Ltd and Bihar government.

The MoU was signed to take over sugar mills situated at Sugauli and Lauriya in East and West Champaran for 60 years lease (that could be extended for another 30 years).

Tel Aviv  - Israeli off shore drilling companies said Sunday they located gas reserves estimated to be worth up to 15 billion dollars, sending their stocks on a precipitous rise.

"The amounts of gas that were discovered will supply Israel's energy needs for decades - it is one of the largest finds in the world," said Yitzhak Tshuva, a principal stock holder in the Delek company, one of several groups who were part of a consortium of companies searching for gas off Israel's coast.

The find off the Haifa shore, gave several companies massive boosts. Delek saw its stock jump 40 per cent, while shares of Isramco, another member of the group, soared 120 per cent during day trading.

Moscow  - Russian Prime Minsiter Vladimir Putin and his Ukrainian counterpart Yulia Tymoshenko settled a contractual dispute on Sunday morning, allowing for an end to a week-long freeze on transits to gas-starved Europe.

The two premiers emerged from crisis talks that ran into the early hours of the morning Sunday with an accord on gas pricing for 2009, and pledged to resume gas transits to Europe as soon as the documents the documents were signed on January 19.

"Negotiations were very hard, but we have come to mutual understanding ... All natural gas supplies will resume as soon as these documents are signed," Tymoshenko said in a televised statement.

Moscow  - Russia and Ukraine settled their contractual dispute over gas supplies early Monday morning, bringing an end to a week-long embargo on transits to gas-starved Europe.

Russian Prime Minister Vladimir Putin and Ukrainian Prime Minister Yulia Tymoshenko said in a joint televised statement they would sign a new supply contract for 2009 on Monday, immediately freeing gas supplies via Ukrainian pipelines to Europe.

"All natural gas supplies will resume as soon as these documents are signed," Tymoshenko said.

Moscow  - Russian and Ukraine settled their contractual dispute over gas supplies early Sunday morning, ending a week-long embargo on transits to gas-starved Europe.