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.”

Paris  - French energy supplier EDF is to build France's second next-generation EPR nuclear reactor at Penly, on the English Channel, the online edition of the daily Le Figaro reported on Friday.

The announcement was made late Thursday by President Nicolas Sarkozy, who also said that another French utility, GDF Suez, would have a minority stake in the project and would likely be chosen to build a third EPR reactor, at a site not yet determined.

Abu Dhabi  - The Abu Dhabi National Oil Company (ADNOC) said Thursday it will cut its oil production starting in March.

ADNOC's move follows a decision by the Organization of the Petroleum Exporting Countries (OPEC)to cut production to push global oil prices up, the official news agency WAM reported.

The Emirati company issued guidelines for its March crude oil production levels, indicating that the main onshore crude oil, known as Murban, would pump at 10 per cent below normal levels.

ADNOC's latest decision follows previously announced cutbacks for supplies in January and February.

Seoul  - The Nigerian government on Thursday rescinded oil exploration rights at two fields off the Nigerian coast that were granted to South Korean firms four years ago.

Justifying the move, the Nigerian government said the Korea National Oil Corporation (KNOC) had not made payments as scheduled, according to the KNOC. Allegedly, the KNOC only paid 192 million dollars of the 323 million price that had been agreed upon.

The KNOC says the agreement had only been for 192 million dollars. KNOC says part of the deal called for it to help develop Nigeria's energy infrastructure.

New Delhi, Jan 29 : Government on Wednesday night cut petrol price by Rs five per litre and diesel by Rs two per litre, while the domestic Liquefied Petroleum Gas
(LPG) are slashed down by 25 rupees per cylinder.

Petroleum Minister Murli Deora said, "The Cabinet Committee on Political Affairs headed by External Affairs Minister Pranab Mukherjee decided to reduce petrol, diesel and LPG prices to pass on the benefit of softening international oil prices to consumers."

The new prices came into effect from Wednesday midnight.

The Cabinet Committee on Political Affairs, under the chairmanship of foreign minister Pranab Mukherjee, is meeting on Wednesday to discuss reduction in fuel prices. It may take final decision on much awaited reduction of prices of petroleum products on accounts of decline in crude rates in the international market.

Prices of petrol can be reduced by Rs 4 a litre, diesel by Rs 1 per litre and cooking gas LPG by Rs 25 a cylinder, much lower than expected by transporters and general public of the country.