Month: January 2020

KARACHI: The total liquid foreign exchange reserves of the country rose to $18.362 billion from $18.271 billion during the week ended January 24, the central bank reported on Thursday. The foreign exchange reserves of the State Bank of Pakistan increased $184 million, or 1.56 percent to reach $11.915 billion, compared with $11.731 billion in the previous week, it added. The forex reserves held by commercial banks dropped to $6.447 billion from $6.539 billion, it added.

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Islamabad, January 30: Excelerate Energy L.P. (Excelerate) and Engro Elengy Terminal Ltd (EETL) have signed a Heads of Agreement (HOA) for the expansion of the EETL liquefied natural gas (LNG) import terminal located in Port Qasim, Pakistan. Under the agreement, Excelerate will exchange its existing floating storage and regasification unit (FSRU) Exquisite with a newbuild FSRU, Hull 2477, which is currently under construction at Daewoo Shipbuilding and Marine Engineering (DSME) shipyard. Hull 2477 will increase EETL’s send-out capability by more than 150 million standard cubic feet per day (MMscf/d) and increase its LNG storage capacity from 150,900…

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The global gas glut continues to grow worse, with LNG prices recently dropping to a 10-year low.close [x]PlayUnmuteLoaded: 100.00%Remaining Time -1:01Picture-in-PictureFullscreen LNG prices in Asia recently fell below $4/MMBtu, down 40 percent from a year earlier. Prices in NW Europe (TTF) are down by nearly 50 percent, and Europe has record-high inventories for this time of year. Mild weather in Asia, Europe and the U.S. have led to seasonally weak demand, with China in particular proving to be a disappointment to exporters. But a wave of new terminals coming online in the last year…

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Nadeem Babar  will inaugurate  the conference IslamabadSpecial Assistant to Prime Minister on Petroleum Nadeem Babar will inaugurate a daylong conference on Liquefied Natural Gas (LNG) at a hotel in Islamabad on January 31st, 2020 (Friday) with special focus on countrywide gas shortfall amid severe spell of cold weather. The Energy Update, which has to its credit 10 editions of Power Generation Conferences and four International Wind Energy Conferences, is going to organize the daylong seminar titled “LNG for Pakistan”. Naeem Qureshi, chairman of the organizing committee of the conference, said…

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Asian spot prices for liquefied natural gas (LNG) plummeted to multi-year lows this week, pressured by a lack of demand to consume abundant supplies. As milder-than-usual winter in both Asia and Europe is curbing demand, there were deals done below $4.00 per million British thermal units (mmBtu) this week, the lowest level in more than 10 years. The average LNG price for March delivery into northeast Asia was estimated at around $4.00 per mmBtu, down $0.60 per mmBtu from the previous week, several sources said. “Warm winter is a clear…

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