Mexico’s state-owned oil firm Pemex, which has US$105 billion in debt, is planning a debt swap for a total of US$22.4 billion long-term bonds, according to a filing to the SEC reported by Reuters. The Mexican oil firm has been amassing enormous debt for years, and in October last year, it carried out a massive operation to refinance around US$20…
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A new innovation center in Norway aims to find alternative and cost-efficient solutions aimed at reducing the huge US$100 billion decommissioning cost that the North Sea operators and countries face, researchers and officials told Bloomberg. The SFI Swipa (Subsurface Well Integrity, Plugging and Abandonment) center was granted the status of Center for Research-Driven Innovation for the next eight years by…
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A Russian vessel capable of completing the pipelaying for the Gazprom-led Nord Stream 2 natural gas pipeline project left a German port on Wednesday and entered Danish waters where the last section of the controversial pipeline has yet to be completed. According to vessel-tracking data from Refinitiv Eikon cited by Reuters, Russian ship Fortuna, sailing under a Russian flag, departed…
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Individual GCC states have settled on convoluted ways of distributing natural gas due to a lack of cooperationThe states bordering the Gulf are caught in a cat’s cradle of geopolitical complexity. This is as much the case within the Gulf Cooperation Council (GCC) as it is between certain GCC states and Iran. The muddle is clearly illustrated by the minimal…
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Pakistan Prime Minister Imran Khan has said that China-Pakistan Economic Corridor (CPEC) will be a ‘game changer’ for the motherland, bringing unprecedented prosperity and progress to the country. “It (CPEC) is a project that will take Pakistan to new heights [of prosperity],” Mr. Khan said after witnessing the signing of agreement with China Gezhouba for Azad Pattan hydropower project at…
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Taiwan-based TSMC signed a corporate power purchase agreement (CPPA) with Ørsted for the Greater Changhua 2b & 4 offshore wind farm on 8 July. TSMC will offtake the full production from the 920 MW wind farm, making this the largest-ever contract of its kind within renewable energy, according to Ørsted. The contract has been signed with a fixed-price and will…
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Pakistan’s energy sector has been in perpetual crisis, for one reason or another. From massive load shedding to expensive power and from untargeted subsidies to inefficient transmission networks – either or all keep making a comeback, from time to time. It is 2020 and the problems remain decade old – and getting worse in a few cases. Inaction has caused…
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LAHORE: When authorities started planting millions of trees in the Changa Manga Forest five years ago, the idea was to bring back life to forest land that had been destroyed by illegal logging, water scarcity and fires. Now that the trees have matured, they are having an even sweeter side-effect — helping to boost the local bee population and honey production…
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ISLAMABAD: The federal cabinet has approved the appointment of Rahat Kaunain as the new chairperson of the Competitive Commission of Pakistan (CCP). According to sources, the cabinet on Tuesday gave a go-ahead to the appointment of Rahat Kaunain Hassan, Mujtaba Ahmad Lodhi and Shumalia Lone as CCP members. It also okayed the Ministry of Finance’s proposal to appoint Kaunain as CCP…
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ISLAMABAD: The National Accountability Bureau (NAB) on Friday decided to launch an inquiry against Sindh Energy Minister Imtiaz Sheikh over illegal allotment of land. According to NAB sources, the provincial minister was involved in allotting 30 acres of land in Korangi, Karachi. The PPP leader with the help of Board of Revenue officials caused a loss of millions of rupees…
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