New Delhi, Jan. 14 : India and Syria on Wednesday signed a Memorandum of Understanding (MoU) that will establish an institutional framework for bilateral cooperation in the oil and natural gas sectors.

Petroleum and Natural Gas Minister Murli Deora and his Syrian counterpart Sufian Al Alao signed the MoU.

The two countries are keen to expand cooperation in several areas, particularly in projects relating to Enhanced Oil Recovery/Improved Oil Recovery in the oil fields of Syria, and Information Technology.

Washington, Jan 14 : Researchers at the National Institute of Standards and Technology (NIST) has developed a method to accelerate stability testing of biodiesel fuel made from soybeans and also identified additives that enhance stability at high temperatures.

Both oxidation and heating can cause biodiesel to break down, adversely affecting performance.

These two effects usually are analyzed separately, but NIST chemists developed a method to approximate both effects at the same time while also analyzing fluid composition.

Oslo - Norwegian state-controlled energy group Statoil Hydro plans further cost cuts by 1.5 billion kroner (211 million dollars) due to "macroeconomic changes," the group said Wednesday.

Statoil Hydro said it expected to produce more oil and gas in 2009, estimating production at 1.95 million barrels of oil equivalent (boe) per day compared to some 1.9 million boe per day in 2008.

The estimates and outlook were to be presented at a meeting with analysts in London later Wednesday.

New Delhi, Jan. 14 : The Oil and Natural Gas Corporation (ONGC) has signed a Memorandum of Understanding (MoU) with Australia''s Arrow Energy for corporation in Coalbed Methane Sector.

The MoU was signed by D K Pande, Director (Exploration), ONGC and Nicholas Davies, CEO and MD, Arrow Energy Ltd. today.

The main areas of cooperation identified under the MoU are joint participation in blocks in India and abroad for exploration, field development and production of CBM; and sharing of knowledge, experience and transfer of technology in CBM Sector.

Vienna - The price for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell slightly on Tuesday, to 40 dollars, OPEC said on Wednesday.

One barrel (159 litres) of OPEC-produced crude was 0.24 dollars lower than on the previous day.

The Vienna-based cartel could decide on further production cuts at its next meeting in March to support prices, OPEC Secretary General Abdalla Salem el-Badri indicated Tuesday.

Sofia - Bulgarian Prime Minister Sergey Stanishev left Wednesday for a one-day trip to Moscow and Kiev and urgent talks about the Russian-Ukrainian gas row which has shoved much of the Balkans into a deep crisis.

In Moscow, Stanishev was due to meet both Prime Minister Vladimir Putin and President Dmitry Medvedev and the management of the Russian Gazprom, his cabinet said in Sofia.

Stanishev would then fly to Kiev, for talks with Ukrainian President Victor Yushchenko and Premier Yulia Timoshenko.