India's leading commodity futures exchange, MCX (Multi Commodity Exchange of India Ltd.) has started futures trading in electricity in the country. FMC has already approved trading in electricity and MCX has started the weekly and monthly electricity contracts with immediate effect. Future trading in electricity is already offered by UK, Australia, US, France Sweden, Norway, Finland, Denmark and Germany's stock exchanges.

Moscow/Kiev - Russia on Saturday approved a European Union initiative for international observers to monitor Russian gas deliveries via Ukraine, raising hopes of a possible end to a Kremlin embargo on energy supplies to Europe.

But the mandate - a key demand by Moscow to lift its embargo of gas supplies - must still be approved by the Ukraine.

Czech Prime Minister Mirek Topolanek, whose country currently holds the EU presidency, signed the agreement with Russian Prime Minister Vladimir Putin on Saturday afternoon.

Bratislava  - The Slovakian government decided in an extraordinary session Saturday night to reopen its Jaslovske Bohunice nuclear power plant closed at the beginning of the year as a result of the Russian-Ukrainian gas dispute.

"I am aware that we are violating our accession agreement with the European Union with this decision, and I accept the full political responsibility for it," Prime Minister Robert Fico said during a press conference broadcast on TV news channel TA3.

Kiev  - Talks between Ukraine and Russia on a deal for natural gas deliveries are at a dead end, a senior Ukrainian official said Saturday evening.

Negotiations between representatives from Kiev and the Kremlin on a contract for selling Russian gas to Ukraine and onward to European Union consumers are stalled and require intervention by national leaders to go forward, said Oleh Dubina, chairman of the Ukrainian natural gas monopoly Naftogaz Ukrainy.

Munich - Russian gas monopoly Gazprom has begun talks with Germany on creating western Europe's biggest gas storage site in a bed of rock on the German coast of the Baltic Sea, a news magazine said Saturday.

Gazprom would be able to feed gas to the site through the planned Nord Stream pipeline under the sea which it is building in a joint venture with German gas companies. The past week's halt in supply via Ukraine has highlighted the issue.

The Association of Scientific and Technical Officers (AOSTO) of ONGC, a major part of the oil sector officers unions, has declared that they have suspended their protest for 30 days.

Mr. Rajan Pillai, AOSTO President, said that a letter in this regard is being submitted to the administration.

Mr. Pillai also that the association is sticking to its demand to revise the pay structure.

The Government has said the ministries concerned will analyze the whole matter regarding pay revision in the oil segment, and submit a complete report within next 30 days.