Vienna - The price for crude oil produced by the Organization of the Pet

The executive officers of all public sector oil companies have decided to defer the indefinite strike by one week. Strike was called by their union demanding early disposal of higher wage issue by Union Government. The matter of high wages is pending before the government since January, 2007.

High wages have been recommended by Justice Rao Committee and a Committee of Secretaries has approved it for employees of all public sector units. But the union cabinet has failed to take any decision so far, forcing 50,000 officers in 14 oil PSUs to take extreme step.

Suzlon Energy, the biggest player in the wind turbine business in Asia and the fifth-largest worldwide, has decided to set up Solar Power Plant. 

At the Indian Economic Summit, Tulsi R Tanti, Suzlon Energy chairman and Managing Director stated, "We are exploring the solar energy sector as India has enormous opportunity in solar and wind power." 

Although he did not give any other financial details, he did mention identification of probable sites in Gujarat and Rajasthan, with an area of 10 acres required for one MW of solar power generation.

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell by 1.13 dollars Monday, as the cartel made a further downward revision in its demand outlook for 2009.

One barrel (159 litres) of OPEC crude stood at 47.96 dollars, compared with 49.09 dollars last Friday, the Vienna-based organization said Tuesday.

In its latest monthly market report, OPEC forecast 86.68 million barrels per day of crude-oil demand for next year, 530,000 barrels per day less than predicted in October.

The indefinite strike by thousands of executives of public sector oil companies from Tuesday till December 2, has been deferred by one week.

In a press release, Amit Kumar, President, Oil Sector Officers Association (OSOA), said an understanding had been reached between the association and the Union cabinet. He said that the association has received assurances from the central government that their demand for wage revision will be taken up for consideration by the Union Cabinet in this period.

“The Cabinet will meet on November 20 to take up the proposal for higher wages for PSU staff. In view of this, we have deferred the strike by one week,'' said Kumar.

Maputo - South Africa has partnered up with energy-rich Mozambique to build a new power station aimed at relieving energy shortages in Africa's largest economy before the 2010 football World Cup, Mozambique's Noticias newspaper reported Friday.