Day: April 1, 2020

NEW DELHI: Two Indian refiners declared force majeure on crude purchases from the Middle East on Friday after fuel demand plummeted due to a nationwide lockdown to stem the spread of coronavirus and the companies’ tanks are full, sources said. Prime Minister Narendra Modi has asked India’s 1.3 billion people to stay indoors for three weeks in the world’s biggest lockdown, shutting down Asia’s third-largest economy and leaving millions of economically vulnerable people without work. This has led to a sharp decline in local fuel demand, leading companies to cut crude refining as their…

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Highways are empty. Planes are grounded. Factories are dark. The unprecedented collapse in oil demand has sent crude crashing to 18-year lows.Supply, on the other hand, remains largely resilient amid a price war between Saudi Arabia and Russia. US producers don’t want to be the first to blink by turning off production.That could mean a supply glut so epic that the world will soon run out of room to store all the unneeded barrels of oil.”The market is starting to signal that not only is there no demand for this crude, eventually there could be nowhere…

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BEIJING, PEOPLE’S REPUBLIC OF CHINA (31 March 2020)— The Asian Development Bank (ADB) and China Gas Holdings Ltd. (CGH) today signed a $20 million private sector loan agreement to support natural gas and liquefied petroleum gas (LPG) deliveries to households, hospitals, industry, and services crucial to the ongoing response to the novel coronavirus (COVID-19) and the post-pandemic recovery in Wuhan and other affected areas in Hubei province, the People’s Republic of China (PRC). CGH is currently the main supplier of natural gas and LPG to households and commercial and industrial…

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ISLAMABAD: Demand in the country for electricity, natural gas and petroleum products has dropped dramatically as a result of the coronavirus epidemic, creating serious operational and financial challenges in the supply chain. Senior government officials told Dawn that electricity consumption had plummeted by almost 30 per cent and authorities had been compelled to provide uninterrupted power supply to even high-loss areas to maintain frequency. For example, the total power demand went down to about 8,500MW on Monday against 12,500-13,000MW projections based on actual consumption last year. These sources said the…

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If humanity is to tackle the problems of a growing global population, increased urbanization, scarcity of resources and climate change, we have to rethink the way we live. The ReGen Village is aimed at doing this, by being built to be self-sustaining from the ground up There are newly conceived community concepts around the world that are designed to help people live more sustainably. Bicester in the UK, for example, is using solar power in a bid to become the country’s first true zero carbon community, while the Cannery in California, US, has its…

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