Month: April 2020

U.S. shale driller Whiting Petroleum Corp. filed for bankruptcy protection on Wednesday, becoming the first sizable fracking company to succumb to the crash in oil prices. Whiting’s bankruptcy filing comes as many U.S. oil drillers face pressure to meet hefty debt obligations they took out from banks and bondholders to make America into the world’s largest oil and gas producer, as U.S. benchmark crude prices drop to their lowest levels in nearly two decades….

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K-Electric, (KE), the main provider of electric power in Karachi, has appointed Imran Rana as their Director Communications, w.e.f. 24 March 2020. Imran will look after all aspects of internal and external communications in his new role. He brings 17+ years of diverse experience in leading the brand communications, media management, social media marketing, public relations, lobbying and image marketing with him. Prior to joining the KE, Imran was associated with PSO, the State Oil company, as DGM Communications since 2017. He served the UK Foreign and Commonwealth Office based…

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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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