Faced with problem of excesses due to commissioning of new refineries, India will export about ten lakh tonnes of petrol to neigbouring Bangladesh and Nepal during 1999-2000, besides other petroleum products. ``We are already discussing with Bangladesh to export motor spirit (petrol) and considering Nepal and Myanmar for the purpose as India would be in excess of the product,'' minister for state for petroleum and natural gas, Santosh Kumar Gangwar told PTI.

Commissioning of Indian Oil Corporation's nine million tonnes Panipat refinery and scheduled commissioning of 27 million tonnes of Reliance refinery in Jamnagar would change the composition of availability of petroleum products, whereby India's import dependence for diesel would also come to an end. The ministry is already in talks with Bangladesh government for finalising the details of exporting petrol to Dhaka, Gangwar said adding that the neighbouring country had also asked the petroleum ministry towork out the possibility of exporting LPG. It would not be possible to export LPG now, as we first have to meet our internal demand for the cooking gas. The waiting list for LPG connections in the country is as of now about 1.17 crore which has to be cleared,'' he said.

Gold listless in early European trade

Gold traded sideways near $254.00 a troy ounce during early European trade on Wednesday, underpinned by physical demand but retaining a bearish feel, dealers said. Platinum group metals lifted from overnight lows hit during Tokyo trade, a slide prompted by Tuesday's news of a deal struck in Russia to smooth the country's export flows. London gold fixed at $254.00 a troy ounce in the morning, down on Tuesday afternoon's $254.60 but remaining within a range most dealers put at between $252.50 and $256.50. The main bullion market feature of recent days has been trade on New York's COMEX, where switching from August and December futures contracts has failed to produce the short covering rally somehad anticipated. In Asia and the Middle East, dollar gold near 20-year lows had encouraged consumer interest. ``The market is being underpinned by strong physical demand but is finding it very difficult to stage a meaningful rally,'' said metals trader Standard Bank London said in a report on its website.

Opec special summit

Although Venezuela has obtained approval from all fellow OPEC members to hold a special summit meeting next year, its energy minister said on Tuesday he could not confirm that all heads of state would attend. Venezuelan energy minister Ali Rodriguez told reporters on Tuesday that the date of the meeting, which would be the second in the 40-year history of the Organisation of Petroleum Exporting Countries, depended on the availability of each head of state. ``All are invited, without absolutely any distinction. If all are present, then very good. If someone isn't there, we shall regret it,'' Rodriguez said during a visit to Mexico City. ``We hope that if for some reason, oneisn't present, then he will be sufficiently represented.'' Diplomats have said that most Persian Gulf leaders are unlikely to attend due to ill health, security problems or political differences. Rodriguez has said he plans to float a new ``Energy Charter'' at the summit that would recommend holding oil prices within a band to prevent sudden collapses in prices.

Asia crude oil prices fall

Crude oil prices slipped in Asia for the third consecutive day on Wednesday, reacting to an industry report showing high crude oil stocks in the United States. September crude futures on the electronic after-hours ACCESS system in Asia were last trading five cents per barrel lower at $20.33, after the American Petroleum Institute (API) released data late on Tuesday. The market considered the data unsupportive. The weekly API statistics, which traders look to provide short-term direction to prices, showed an overall fall in the US crude stocks compared to the previous week. But on a closer look, the API datashowed that a very large decline was in the West Coast area, considered as an independent market from the rest of the US. This meant that stocks in the other areas of the country had actually risen, traders said. The API data also showed that the US refiners were running at a higher rates compared to the previous week.