Tallinn  - The presidents of the three Baltic states of Estonia, Latvia and Lithuania met near the Estonian capital, Tallinn, Tuesday to discuss relations with Russia among other topics.

In the picturesque, snowbound surroundings of Sausti Manor, President Valdis Zatlers of Latvia and Valdas Adamkus of Lithuania were hosted by their Estonian counterpart, Toomas Hendrik Ilves.

After the meeting the three presidents told journalists that their countries should pursue pragmatic relations with Russia via their memberships of the European Union and NATO.

Madrid - A planned deal for the Russian oil giant Lukoil to become the biggest shareholder of Spain's top oil company Repsol YPF could collapse over lack of financing and Spanish political opposition, media reported Tuesday.

Lukoil is interested in buying nearly 30 per cent of Repsol in a deal estimated at up to 9.8 billion euros (12.5 billion dollars).

The purchase would include a 20-per-cent stake now held by the debt-ridden construction company Sacyr Vallehermoso and part of a

Oslo - Citing the effects of the global financial turmoil, the fund that invests income from Norway's petroleum and gas riches for future pensions on Tuesday reported its lowest return to date.

The return on the fund during third-quarter 2008 fell 7.7 per cent measured in international currency, the central bank that manages the fund said.

The Norwegian Government Pension Fund - Global was worth 2.12 trillion kroner (299 billion dollars) at the end of the third quarter.

Maputo - A consortium of South African and Mozambican energy companies have discovered two significant natural gas deposits off the coast of central Mozambique's Inhambane province, a local newspaper reported this week.

Minister of Natural Resources Esperanca Bias was quoted by the daily Noticias newspaper on Monday as saying that the reservoirs were found at a depth of 1.3 kilometres. The layers found were between seven and 15 meters in thickness and are believed to contain a considerable amount of gas.

The Union Government is unlikely to reduce prices of petroleum products as of now despite huge fall in the prices of crude oil in the international market. Crude prices were $142.04 a barrel on July 3 while currently they are fluctuating in between $47 -$50 per barrel. The public sector oil marketing companies have requested government to hold prices so that they can cover their previous losses. The Indian crude oil basket has averaged $52.78 a barrel in November as compared to October's average of $69.12.

Moscow  - Russian energy company Gazprom on Saturday threatened to cut off gas deliveries to Ukraine starting January 1 unless Ukraine pays 2.4 billion dollars of debt and finalizes new contracts for future deliveries.

Gazprom spokesman Sergei Kupriyanov, quoted by the Interfax News Agency, dismissed arguments from Kiev that payments had been delayed due to the ongoing financial crisis.

"If the Ukrainian economy were really in a crisis, they would need less energy from us. There has been no sign of that," he said, adding that Ukraine cannot expect to receive billion-dollar bail- outs from the International Monetary Fund on the one hand and refuse to pay its debts to Russia on the other.