OVL is eying to save $1 billion by picking just 51 per cent stake in Imperial Energy. The decision is taken after many deliberations as the deal is not much attractive due to the steep decline in crude oil rates in the international market. However, the government gave its nod to the proposed acquisition on the grounds of energy security.

Vienna - The price for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued to rise Friday, ahead of a meeting of the cartel on December 17, at which production cuts are expected to be discussed.

One barrel (159 litres) of OPEC-produced crude stood at 41.32 dollars Friday, 1.20 dollars higher than on the previous day, the Vienna-based organization announced Monday.

OPEC president Chakib Khelil last week called for a "drastic cut" of oil production, ahead of the meeting of oil ministers in Oran, Algeria on Wednesday.

Amman - Engineers working for the Iraqi Electricity Ministry will start receiving their training from Jordan's National Electricity Co (NEC), the company announced Sunday.

Under the agreement, the NEC agrees with the Swedish International Development Cooperation Agency (SIDA) to train the Iraqi engineers, NEC Director General Ahmad Hiyasat said.

"The agreement, which goes into effect early in 2009, provides for training Iraqi cadres to set up a system for the maintenance of power stations, transport lines and transformation stations," Hiyasat said.

The union government can lift the administrative control over petrol and diesel. The final decision would depend on the crude oil prices in the international market for at least two months. The crude oil prices are fluctuating at $40-$45 as of now. If the present trend continues till February, there are maximum chances of lifting the administrative control over petrol and diesel.    

It is recalled that the government had freed petrol and diesel prices from administrative control in April 2002, paving a way for retailers to adjust prices according to the fluctuation in crude prices in the market. But the decision was rolled back in 2004 when crude oil rose to $37 a barrel.

Oil & Natural Gas Corporation, the

Union government has allowed OVL, foreign subsidiary of ONGC, to go for the acquisition of UK-listed Imperial Energy at the original prices of $2.5-billion. The deal was approved by the government in August when it allowed OVL to participate in the bidding process for the acquisition of Imperial Energy.