Rising Crude Inventories Fail To Halt Oil Rally

Oil prices dipped only slightly after the Energy Information Administration reported a crude inventory build of 3.4 million barrels for the last week of January.PauseUnmuteLoaded: 100.00%Remaining Time -0:40Picture-in-PictureFullscreen This compares with an inventory build of 3.5 million barrels for the previous week and analyst expectations of a 3-million-barrel increase for the week to January 31. In gasoline, the EIA reported an inventory draw of 100,000 barrels for the last week of January. This compared with an increase of 1.2 million barrels for the previous week. Gasoline production in the seven days to January 31 averaged 9.9 million bpd, versus 9.2…

Read More

Goldman: Coronavirus Causes Worst Oil Demand Shock Since 2008

The slowdown in China’s industrial activity and the shutdown of factories amid the coronavirus outbreak is causing the worst shock to oil demand in over a decade, Jeff Currie, global head of commodities research at Goldman Sachs, said in an interview on Bloomberg on Thursday.PauseUnmuteLoaded: 9.64%Remaining Time -1:23Picture-in-PictureFullscreen “The magnitude of the demand shock that we’re seeing is on par with 08-09,” Currie said, noting that one thing that distinguishes the coronavirus from SARS and other types of epidemics or pandemics is the magnitude of the quarantine across China. “We estimate demand in China…

Read More

Over 60 companies honored NFEH’s CSR Awards-2020

(PR): Adviser to Prime Minister on Climate Change Malik Amin Aslam has urged the Pakistani companies showing excellence in corporate philanthropy to join hands with the government as partners in the Prime Minister’s Clean and Green Pakistan initiative. He stated this while speaking as being the guest of honour at the 12th Annual CSR Summit and Awards-2020 organized by National Forum for Environment and Health (NFEH). On the occasion, over 60 companies were conferred awards for showing outstanding performance in the arena of Corporate Social Responsibility. Noted singer and Chairman of Pakistan…

Read More

Petroleum Production Dips By 12.19% In Five Months Of 2019-20

ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 6th Feb, 2020 ) :The overall production of petroleum commodities witnessed a decrease of 12.19 per cent during first five months of the current fiscal year (July-November) as compared to corresponding period of 2018-19. The petroleum products that showed negative growth included Jet Fuel Oil, the production of which decreased by 4.12 percent during the period under review, according to the data placed on official website of Pakistan Bureau of Statistics. Similarly, the production of Kerosene Oil, Motor Spirit Oil, High Speed Diesel, Furnace Oil, Lubricating Oil, Jute…

Read More

Government working on new LPG policy

ISLAMABAD: The government is working on a new LPG policy through which it aims to slash taxes on imported LPG, marketing and distribution margins while linking locally produced LPG with 90% of Saudi Aramco contract price (CP). The Petroleum Division has further proposed that the state-owned companies must import at least 50% of yearly LPG demand deficit and develop storages. At present, the Oil and Gas Regulatory Authority (Ogra) has been notifying LPG prices since February 2018 based on the matters that producers’ price to be determined monthly is based on…

Read More

PPL plans to export 400,000 barrels of crude condensate

KARACHI: Pakistan Petroleum Limited (PPL) plans to export up to 400,000 barrels of crude condensate produced from its Gambat South Block, as the company explores opportunities to grow internationally and become a regional leader in exploration and production, The News has learnt. According to a company document, the PPL aims to export as much as 32,500 barrels/month through a third party contractor. Gambat South is located in District Sanghar, Sindh. The block was granted to PPL in December 2009. Later, the company farmed out 10 percent of its working interest…

Read More

Biogas: the way forward

The biogas initiative was launched in Pakistan as early as the 1980s. In the meantime, almost nothing of significance has happened; a few thousand family sized biogas units have been installed, thanks to the RSPN and others’ action or lack of it. By comparison, India has installed 4 million units and China six million household units. This translates to one biogas unit per every 10 households and one out of every 10 households in India. We need biogas, especially, in our rural areas. Pipeline gas provides gas only to 20…

Read More

These New Solar Panels Can Generate Electricity at Night

Solar panel technology has played an essential role in the overall shift to renewable and sustainable energy sources. However, one of the major downfalls of this method is that it cannot generate energy after sunset. This might change in the near future. According to researchers, combining photovoltaic cells with thermoradiative cells can help the solar panels generate at least one-quarter of energy at night as well. For the uninitiated, thermoradiative cells are devices that generate power by using the energy emitted by radiative cooling. Currently, these cells are being tested…

Read More

LPG Marketers Welcome OGRA For Reviewing Dual Jurisdiction

Pakistan LPG (Liquefied Petroleum Gas) Marketers Association (PLPGMA) on Wednesday welcomed Oil and Gas Regulatory Authority (OGRA) decision to review dual jurisdictions and make the process of obtaining license for LPG transportation simpler LAHORE, (APP – UrduPoint / Pakistan Point News – 5th Feb, 2020 ) :Pakistan LPG (Liquefied Petroleum Gas) Marketers Association (PLPGMA) on Wednesday welcomed Oil and Gas Regulatory Authority (OGRA) decision to review dual jurisdictions and make the process of obtaining license for LPG transportation simpler. Talking to media here, PLPGMA Chairman Farooq Iftikhar said that OGRA review of dual jurisdiction would definitely ensure a business-friendly…

Read More

Recycling used motor oils

ISLAMABAD: Lubricant oils are as important as petrol and diesel. It is a high margin lucrative business for all those involved in the supply chain. It is unregulated as well giving pricing freedom to the lubricants suppliers and manufacturers. Unfortunately, scant attention has been paid to the issues involved in this sector. It used to be an under regulated sector requiring licensing but now it is unregulated, with positive and negative consequences. Used oil is an environmental liability having the potential to pollute water resources. Used oil is being recycled by…

Read More