The presidents of Russia and Ukraine settled a row over gas debts just minutes before a Moscow-imposed deadline for Kiev to pay up or face supply cuts. The countries agreed to axe intermediaries in gas trade and RosUkrEnergo has been excluded, although the move “was in fact increasing Gazprom‘s presence on the Ukrainian market to 50% from 25%”. Ukrainian Prime Minister Yulia Tymoshenko described the deal as a “great victory“. Czech privately-held oil and gas firm Moravske Naftove Doly will build an oil refinery in Russia in a plan worth “several billion dollars”. Russia and India are edging closer to a multibillion-dollar deal to build four more nuclear reactors in southern India that has been delayed because of international restrictions against New Delhi.