Month: January 2020

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…

Read More

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…

Read More

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…

Read More

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…

Read More

Worldwide oil demand forecasts may be lower than in previous years, but OPEC Secretary-General Mohammed Barkindo said Friday to CNBC that demand growth is still “robust” and could surprise to the upside over the course of 2020 as trade tensions subside. “By and large what we see from our side is an upside potential of growth from the demand side of the equation, which will affect the total balance for the rest of the year,” he said. “We are hoping that some of the challenges that we’re facing in terms…

Read More