U.S. Extends Chevron Venezuela Sanction Waiver

The United States Treasury Department granted Chevron another three-month sanction waiver to continue operating in Venezuela, Reuters reported Sunday, with the expiry date of this latest extension set for April 22. The Treasury Department has been granting Chevron three-month extensions of its sanction waiver for a while now, with the one it announced last October reportedly being a topic of heated discussion in the Trump administration in light of Washington’s attempts to stifle all oil revenues going into the coffers of the Maduro government. Some, however, notably Secretary of State Mike Pompeo, argued that…

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At Least Five Dead In Nigerian Oil Pipeline Explosion

At least five people died and dozens of others were rushed to hospital late on Sunday after an oil pipeline exploded in Nigeria in a blast that the authorities believe was caused by oil thieves who ruptured the pipeline belonging to the Nigerian National Petroleum Corporation (NNPC). The explosion occurred late on Sunday evening local time in Nigeria in the Ekoro area of Abule-Egba in the Lagos State, and dozens of people were feared dead.   The explosion is thought to be the result of illegal activities by the so-called pipeline vandals…

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Somalia Invites Turkey To Explore For Offshore Oil

Somalia has invited Turkey to carry out offshore oil exploration works in the territorial waters of the African country, Turkish President Recep Tayyip Erdogan said on Monday, as reported by broadcaster NTV. Turkey has an offer from Somalia, which says that Ankara can conduct oil exploration the way it has agreed to do with Libya in the eastern Mediterranean, Erdogan said.   “Therefore, there will be steps that we will take in our operations there,” NTV quoted the Turkish president as saying, as carried by Reuters. Turkey has been giving aid to…

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ARE Policy 2019: PD asked to incorporate Sindh, KP observations

The Council of Common Interests (CCI) has directed the Power Division to incorporate observations of Sindh and KP governments in the Alternate Energy Development (ARE) Policy 2019, as both provinces opposed approval of policy in the current shape. Well informed sources told Business Recorder that Power Division at a meeting of the CCI held on December 23, 2019 argued that draft ARE policy 2019 has been finalised in consultation with all the stakeholders including Sindh government. Power Division also claimed that the representatives of Sindh government attended all the relevant…

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Privatisation matters: Foreign investors express interest in LNG plants

ISLAMABAD: Pakistan has managed to secure broad-based interest in the privatisation of multibillion-dollar liquefied natural gas (LNG)-fired power plants as a dozen global and local companies, including a military-backed local consortium, have shown interest by the end of the extended deadline. As traditional aspirants, China and Saudi Arabia, have stayed away from the process, non-traditional investors from Japan, Thailand, the United Kingdom and Malaysia have come forward and submitted statements of qualification. The Privatisation Commission had floated Expressions of Interest (EOI) in November last year, inviting local and global investors for…

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Petroleum sector gets big relief after policy amendments

ISLAMABAD: The federal government has approved the policy amendments for the discovery of oil reserves which provide a major relief to the investment companies in the petroleum sector, ARY News reported on Sunday. The federal government under the leadership of Prime Minister Imran Khan continues its steps for creating ease of doing businesses as the investment companies in the petroleum sector get big relief after the approval of policy amendments. The policy amendments recommended by the PM’s Task Force on Energy were approved by the federal authorities which end authoritative…

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