The London-listed oil company, Imperial Energy, which operates in Russia, is progressing in its talks with India’s Oil and Natural Gas Company. It is being thought that soon it will agree for the takeover deal valuing Imperial at about $2.8bn.

The sources have revealed that negotiation between the state owned ONGC and Imperial are ongoing with succession and soon a bid could be announced before Imperial’s next results. The bid has been submitted by ONGC to buy Imperial, the sale of which most probably will be announced next week.

Kuala Lumpur - Malaysia's government Saturday reduced the retail price of petrol by 5.6 per cent to help curb rising inflation.

The pump price of gasoline was fixed at 2.55 ringgit (0.77 dollars) per litre down from 2.70 ringgit. Diesel prices have been reduced from 2.58 ringgit to 2.50 ringgit per litre.

Prime Minister Abdullah Ahmad Badawi made the announcement late Friday, saying the move would help curb inflation, which rose to a decade-high of 8.5 per cent in July.

"The government hopes that the reduction in gasoline and diesel prices will help to ease consumers' burden as well as ease inflationary pressure," Abdullah said in a statement.

Vienna  - Rising 3.86 dollars on Thursday, the price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) jumped back above the
110-dollar-mark, data issued by OPEC showed on Friday.

One barrel (159 litres) of OPEC-produced crude stood at 113.63 dollars Thursday, compared with 109.77 dollars on the previous day.

Oil prices were pushed by concerns about rising tensions between the United States and oil producer Russia, Vienna-based energy consultants JBC said.

London, Aug 22: The Oil and Natural Gas Corporation has raced into a lead in the bid to buy Imperial Energy, the 1.2 billion pound London-based oil exploration and production company.

The Indian Government has given approval to the investment arm of the oil company, ONGC Videsh Ltd., to go ahead with the full bid.

The Indians have shrugged off challenges from China’s Sinopec and KNOC of Korea, and are now in a position to close the deal as early as next week, insiders said.

Vienna  - The price for crude oil

The oil marketing companies (OMCs) on Tuesday were firmly instructed by the Petroleum and Natural Gas Ministry to clear the waiting list of new domestic LPG connections within 2 months (60 days) and restore the normal supply of all kinds of fuels across country.

Murli Deora, Minister of Petroleum and Natural Gas, while chairing the review meeting of the OMCs said, “The supply and distribution of essential petroleum products should be restored to the normal position. Adequate supplies must be ensured in the coming festive season.”