Day: June 23, 2020

UAE Oil Major Signs A $20 Billion Gas Deal

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UAE’s ADNOC today announced a $20.7-billion deal with six international companies for the acquisition of a minority stake in Adnoc Gas Pipeline Assets. Under the terms of the deal, Global Infrastructure Partners, Brookfield Asset Management, Singapore’s sovereign wealth fund, the Ontario Teachers’ Pension Plan Board, Snam, and NH Investment and Securities will acquire a 49-percent interest in ADNOC Gas Pipeline Assets, a new subsidiary of the UAE’s national oil and gas company. The acquisition will give the buyers lease rights to 38 pipelines, but ADNOC will retain ownership of the assets and…

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PTI govt committed to Karachi water project: Umar

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ISLAMABAD:  Planning Minister Asad Umar on Monday said the federal government fully stands by its commitments relating to the ‘Greater Karachi Water Supply Project (K-IV)’. Responding to the Sindh chief minister’s statement regarding ‘wrapping up’ of the project, he said the Centre had been regularly following up with the provincial government to move the project forward, however, the authority concerned was yet to process the revised project document. “The project has been experiencing delays for quite some time due to design-related issues,” the minister was quoted as saying in an…

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Petroleum Division seeks incentives for LPG import

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The Cabinet Committee on Energy (CCOE) on Saturday constituted a high-level committee that would review a set of incentives for the import of liquefied petroleum gas (LPG) by public sector companies in a bid to provide the fuel to remote and hilly areas. The Petroleum Division presented the incentives to the cabinet committee, in a meeting held on Saturday and headed by Federal Minister for Planning, Development and Special Initiatives Asad Umar, for approval. These included reduction in the upfront tax from the existing 5.5% to zero and 2% on…

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Pakistan Underutilises Saudi oil facility

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Pakistan could utilise less than $900 million worth of Saudi oil and gas credit facility on deferred payments in this fiscal year against the sanctioned annual limit of $3.2 billion – a lifeline that Prime Minister Imran Khan had secured by going twice to the Kingdom. The underutilisation of the facility has put some additional burden on official foreign exchange reserves, which the State Bank of Pakistan (SBP) had managed to build through hot foreign money inflows. As against the $3.2 billion facility, we expect that the actual utilisation will…

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What’s Next For Big Oil?

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Something unthinkable is happening in Big Oil, and it’s not the demand slump or the spending cuts or the layoffs. With the exception of the demand slump, we’ve seen all this before–more than once, in fact.  No, what’s unthinkable is that Big Oil appears to be planning to stop being Big Oil. It’s not a joke. Three of the world’s biggest oil and gas companies are planning to become net-zero carbon emitters by 2050. And, as Energy Intelligence noted recently in an industry analysis, there are only two ways to attain…

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