Houthis Aim To Repair Unrepairable Oil Tanker In Vital Shipping Lane

he Houthi rebels in Yemen claim they have sent a team to repair an oil tanker full of 1 million barrels of oil sitting off the Yemeni coast for five years and threatening to leak oil into the sea or to explode. The maintenance team may not prevent the tanker from leaking oil because the Saudi-led coalition is not allowing access to the equipment needed for the repairs, Bloomberg quoted Mohammed Ali Al-Houthi, a member of the ruling political council of the Iran-aligned Houthis, as saying. The tanker is in…

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The Multi-Billion Dollar Price Tag For Iraqi Oil Compliance

Oil Powers Bought Iraqi Compliance – And Something Else, Too They may have paid for compliance, but they were really buying something else.  With COVID-19 cases now starting to ravage a politically fragile Iraq – which is also the center of a proxy war between the US and Iran – there’s never been a better time for the country to ask for aid. Aid is a bargaining chip, and oil production cuts are the end game because Iraq is never in a financial position to comply.  What Iraq wants, specifically,…

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Japan Bets Big On Mozambique LNG

In partnership with the business sector, the Japanese government will invest some $14.4 billion (1.5 trillion yen) in liquefied natural gas development in Mozambique, the Nikkei Asian Review reported. According to the report, the money will fund the development of a gas field in the African country to produce some 12 million tons of LNG annually, beginning in 2024. As part of the deal, trading major Mitsui & Co. and Japan Oil, Gas and Metals National Corp. will together buy a 20-percent stake in the field. Three Japanese private banks will…

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Elon Musk Trolls SEC And Short Sellers As Tesla Stock Rallies

Elon Musk took his Twitter feud with Tesla’s short sellers and the Securities and Exchange Commission to a whole new level on Thursday evening, mocking the traders who had bet against the EV maker, as well as the U.S. market regulator, as Tesla’s stock hit a new record-high of $1,208, rallying 7.95 percent. In a series of tweets, Musk asked, ‘Who wears short shorts?’, and said that “Tesla will make fabulous short shorts in radiant red satin with gold trim,” and “Will send some to the Shortseller Enrichment Commission to…

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Spain Closes Nearly Half of its Coal-Fired Power Stations

Out of Spain’s 15 coal-fired plants, seven ceased operations on June 30. Four more will soon follow, putting Spain on track to ultimately become coal-free. The country closed all its coal mines two and a half years ago as a result of the European Union banning their state aid. The demise of coal in SpainThe seven plants that have shut generated 4,630 megawatts (MW) of power and provided jobs for around 1,100 people. The four that have filed for permission to shut down create 3,092MW of power and employ around…

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Auto Industry Seeks 2 Years to Switch Over to Euro IV/V

ISLAMABAD: The country’s automotive industry has reportedly sought two years to switch over to Euro IV/ V fuel or exclude existing models under production in the country, sources close to Secretary Industries and Production told Business Recorder. On June 4, 2020, Cabinet Committee on Energy (CCoE) disallowed Oil Marketing Companies (OMC) to import petrol below Euro-V after August 1, 2020. The decision of CCoE was ratified by the federal cabinet on June 23, 2002. CCoE supported switching over from current Euro-II diesel and petrol to Euro-V standards and observed that it…

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OGDCL Start Commercial Production of Gas & Condensate At Togh Well # 01

Oil & Gas Development Company Limited (OGDCL) as operator with (50%share), Mari Petroleum Company Limited (MPCL) (33.33%) & Saif Energy Limited(SEL)(16.67%) in joint venture of Kohat Exploration Licence (E.L) has started commercial production of Gas and Condensate from its exploratory well Togh # 01, which is located in district Kohat, Khyber Pakhtunkhwa Province. OGDCL indigenously completed 8” inch dia, 3.5 Km flow line from |Togh Well # 01 to Sheikhan Well # 01. The well head assembly and other allied facilities includinggathering area, separation facility, dehydration plant, storage facility, dispatch…

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Govt decides against selling off PIA-owned hotel in New York, to run it through joint venture

The Cabinet Committee on Privatisation (CCoP) on Thursday decided against privatising the Roosevelt Hotel in New York, owned by the embattled Pakistan International Airlines (PIA), and to run it through a joint venture instead. A meeting of the committee was chaired by Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh to review the one-point agenda of the privatisation of Roosevelt Hotel, owned by PIA Investment Limited in the Manhattan borough of New York City. According to a Finance Division statement, the CCoP directed the Privatisation Commission to…

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Indian groom’s wedding, funeral leave over 100 infected with coronavirus

More than 100 people have tested positive for coronavirus in India after attending the wedding — and then funeral — of the groom, who reportedly tied the knot while ill with the disease. Officials in Bihar state said Wednesday that the 26-year-old groom had symptoms of the deadly virus when he got married on June 15. He died two days later. “So far, 111 people who either attended the wedding or the funeral have tested positive,” said Raj Kishor Chaudhary, chief medical officer in Patna, the state capital. “All others…

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Pakistan International Airlines Downgraded to a One-Star Airline

Pakistan International Airlines has been downgraded to a one-star airline by AirlineRatings.com after the recent revelation of 150 fake pilot licenses. The EU has now banned the airline from Europe, losing one-star while AirlineRatings.com has stripped the airline of its three-stars for the IATA Operational Safety Audit (IOSA) as well as the one-star for the ICAO country audit. READ: Airbus completes fully automatic flight project AirlineRatings.com Editor-in-Chief Geoffrey Thomas said, “clearly there needs to be an investigation into possible bribery and falsifying related to the pilot licenses.” “This is deeply…

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