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UPDATE 1-India's Reliance Communications Q3 profit falls on lower margins

* Net profit at 1.71 bln vs 1.65 bln estimated (Adds earning details, context)

UPDATE 1-Brazil maintains oil price formula for Petrobras royalties

SAO PAULO, Jan 22 (Reuters) - Brazilian President Dilma Rousseff has approved a resolution to maintain the current system for establishing the minimum price of oil on which royalty payments are paid by state-run company Petroleo Brasileiro SA to local governments.

Russia to prepare for hedging against oil price risk - Finance Ministry

MOSCOW, Jan 22 (Reuters) - Russia must make all necessary preparations this year to introduce hedging to protect the country's oil earnings against price drops, a deputy finance minister said on Friday.

South Africa's MTN aims to settle Nigerian fine out of court, shares jump

JOHANNESBURG, Jan 22 (Reuters) - A judge has given South African telecoms company MTN Group until March to try to reach a settlement with the Nigerian authorities over a disputed $3.9 billion fine, sending its shares 8 percent higher.

UPDATE 2-GE's industrial profit falls 8 percent, hit by tumbling oil

Jan 22 (Reuters) - General Electric Co on Friday reported an 8 percent drop in fourth-quarter earnings in its industrial businesses, hurt by weakness in divisions catering to the oil and gas sector.

UPDATE 1-Iran sees Greece as conduit for re-entering Europe's oil market

ATHENS, Jan 22 (Reuters) - Iran believes Greece can be a conduit for re-entering Europe's oil market following the lifting of international sanctions, Greece's energy minister said on Friday after meeting Iran's deputy oil minister in Athens.

Ukraine acts to purge court system of bribery, corruption

KIEV, Jan 22 (Reuters) - Ukraine's constitutional court approved moves on Friday to stamp out political meddling in the judicial system and halt bribe-taking among judges, part of an anti-corruption drive to help secure aid and goodwill from vital international backers.

Azeri central bank says sells $98.2 mln on FX market on Friday

BAKU, Jan 22 (Reuters) - Azerbaijan's central bank said it sold a total of $98.2 million on the foreign exchange market on Friday to support the weakening national manat currency.

China drops online notice of oil rig location after Vietnam complaint

BEIJING, Jan 22 (Reuters) - Chinese maritime officials on Friday removed an online notice giving the location of a $1-billion deepwater oil rig in the South China Sea two days after issuing it, following a warning from Vietnam about drilling in disputed waters.

Nigeria's former security adviser in first high-profile graft trial

ABUJA, Jan 22 (Reuters) - Nigeria's former national security adviser Sambo Dasuki was in court on Friday for fraud charges in the country's first high-profile corruption trial since President Muhammadu Buhari launched a promised crackdown on graft.

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