Kiev  - Ukrainian President Viktor Yushchenko on Wednesday called a Russian offer on gas pricing "unacceptable" and urged negotiators to work harder to reach an agreement before a Kremlin-set midnight deadline for full-scale cut in gas deliveries.

Yushchenko rejected Russia's proposal to hike the price of natural gas sold to Ukraine from 179 dollars per 1,000 cubic metres to 250 dollars, on grounds the Russian offer left practically unchanged transit fees to be charged Russia by Ukraine for natural gas shipped to Europe.

Moscow - Russian Prime Minister Vladimir Putin said Moscow had offered and kiev had refused the "very favorable" price of 250 dollars per 1,000 cubic metres, or 40 per cent more, for gas next year.

Putin made the comments in a televised speech as talks with Ukranian officials in Moscow over non-payments and the pricing dispute came down to the wire, increasing the likelihood Gazprom would cuts gas from January 1.

Moscow  - Russian President Dmitry Medvedev urged Ukraine to exercise "common sense" and strike a deal with Russia on gas imports to smooth gas supplies to European customers ahead of a New Year's Eve deadline for gas cuts.

"We can make only one recommendation to our Ukrainian partners: make a reasonable decision as fast as possible," Medvedev said.

New Delhi  - India's Oil and Natural Gas Corporation (ONGC) has acquired London Stock Exchange-listed Imperial Energy Plc for 1.3 billion pounds (1.88 billion dollars), a news report said Wednesday.

An overwhelming 97 per cent of Imperial's shareholders accepted the offer by state-run ONGC's overseas investment arm, ONGC Videsh Limited (OVL), the PTI news agency reported.

Union Govern

ONGC is likely to secure the minimum threshold of shareholder acceptances to acquire the UK-listed Imperial Energy. Final decision by the shareholders would be taken on Tuesday. ONGC can acquire Imperial Energy only after getting nod form 90% shareholders of Imperial Energy. Imperial maintains huge gas and oil reserves in the Russian field and Indian government recently allowed ONGC to go for the acquisition for energy security of the country.