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Business Briefs

Oil prices highest in 12 years

London, Feb. 27: Oil prices shot to a 12-year high on Thursday as a severe bout of winter in the US drained fuel stocks, leaving consumers dangerously exposed ahead of possible war in Iraq. Dealers said worries over whether Iraq would respond in time to UN demands for the destruction, starting on Saturday, of prohibited al-Samoud missiles fuelled price rises. US light crude spiked to $ 38.74 a barrel, the highest since Iraq’s invasion of Kuwait in 1990 when crude peaked at over $ 41 a barrel.

Jessop selloff

New Delhi, Feb. 27: The disinvestment process in ailing public sector undertaking Jessop & Co Ltd is likely to be completed by next month, disinvestment minister Arun Shourie informed the Rajya Sabha.

Daewoo woes

New Delhi, Feb. 27: The Supreme Court has allowed the government to revoke the bank guarantee in respect of various import licences by defunct Daewoo Motors rejecting its appeal against the Delhi High Court order to the same effect.

ONGC-IOC pact

New Delhi, Feb. 27: ONGC today signed an agreement with Indian Oil (IOC) for supply of close to 10 million tonnes of crude oil benchmarked at import parity price.

MTNL tariff

New Delhi, Feb. 27: The telecom group examining the merger of BSNL and MTNL is “evaluating options” and is likely to submit its report next month. Meanwhile, MTNL has announced free incoming calls for its post-paid subscribers.


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