Kathmandu, Sept 23 : Union Minister of State for Commerce and Power Jairam Ramesh has called for the creation of a new architecture of bilateral cooperation whose distinctiveness would be synergy through energy.

Addressing the Power Summit 2008 here today, he said that trade in electricity will bring considerable financial benefits to India’s neighbours.

Referring to the Nepal Prime Minister Prachanda’s recent visit to India during which he unveiled his vision of Nepal developing 10,000 Mw of its hydel power potential over the next ten years, her pointed out that there will be need for new markets to be developed for the export of the power generated and clearly India is one such market.

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) jumped by 6.09 dollars Monday over worries about the dollar's weakness.

One barrel (159 litres) of OPEC crude stood at 97.92 dollars Monday, compared with 91.83 dollars on the previous day, OPEC said Tuesday.

The dollar was pulled down by US government plans to buy failing mortgages from the troubled finance industry.

On the New York market, the price of oil for October delivery rose 25 dollars to 130 dollars a barrel Monday, before settling at 120.92 dollars.

Vienna - The price for crude oil pro

Islamabad, Sept 22: After India, Iran has also reportedly expressed serious concerns over the security situation in Pakistan, and asked Islamabad to make enough security arrangements for the billion dollar Iran-Pakistan-India (IPI) gas pipeline project.

The demand came a day after Saturday’s bombing in which at least 60 people were killed and more than 200 injured.

India’s major crude oil producer, Oil and Natural Gas Corporation (ONGC), at its annual general meeting (AGM) held on Sep. 19, 2008, has announced highest ever dividend by an Indian company at Rs 68.44 billion excluding Rs 11.63 billion payable as tax.

The company’s consolidated sales for FY 07-08 stood at Rs 1,037.17 billion, whereas standalone sales were at Rs 167.02 billion as compared to 156.43 billion during the corresponding period of the last year.

The company’s net profit for the same period increased 7% at Rs 167.02 billion up as against 156.43 billion in the previous year.

State-owned PSU Oil India Limited (OIL) would soon launch an IPO to raise debts. The company recently got the approval of Security and exchange Board of India (SEBI) in this regard. It has said, in a statement, that the company would generate funds from the market if the IPO fails to generate required debts.