Month: July 2020

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 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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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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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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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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