Month: July 2020

ISLAMABAD: The government has decided in principle to set up a commission to probe the recent shortage of petroleum products, shift oil pricing to quarterly basis and change the pricing mechanism for imported Euro-V petrol and diesel to Platt’s Oilgram instead of PSO imports. A final approval is likely to be granted by the federal cabinet at a meeting on Tuesday. The meeting has a heavy agenda, including a proposal for regularisation of the Naval Sailing Club on Rawal Dam, Islamabad. The meeting will take up 13 issues, including recruitment…

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LAHORE: Power generation in Pakistan has declined by 1% YoY to 121,867 GWh (23,618 MW) during FY20 as compared to 122,708 GWh (23,781 MW) in FY19 due to overall slow economic activity during the year and the impact of COVID-19 related lockdowns and restrictions during Mar-May 2020. According to sources, power mix during FY20 moved in favour of Hydel (32% in FY20 vs. 26% in FY19) and Coal (21% in FY20 vs. 13% in FY19), replacing gas (12% in FY20 vs. 18% in FY19) and furnace oil based generation (3%…

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Islamabad: Foreign oil marketing firms-Shell and Total are in hot water as Pakistan has decided to form a Commission of Inquiry to probe into the recent shortage of petroleum products. Cabinet in its meeting scheduled on Tuesday is set to give-go ahead in this regard. Total and Shell were among those nine oil marketing companies that were imposed a fine of Rs 55 million over involvement in hoarding petroleum products in month of June that resulted in shortage of fuel across the country. These companies included Shell, Total Parco Puma…

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Iran has positioned a replica of a U.S. aircraft carrier at the world’s most important oil chokepoint, the Strait of Hormuz, and could use the mock-up in naval war games in the area, according to satellite images reported by Reuters on Monday. Images taken by U.S. space technology firm Maxar Technologies on Sunday show that Iran had a fast attack boat moving towards the mock-up U.S. aircraft carrier, Reuters noted. “We cannot speak to what Iran hopes to gain by building this mock-up, or what tactical value they would hope…

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Russia exported more LNG to China in June than the United States did, at 396,000 tons versus 340,000 tons, Russia’s Sputnik reports, citing data first quoted by Bloomberg. According to the data, from Chinese customs authorities, Russia LNG imports were 20.7 percent higher than a month earlier, while U.S. imports of LNG were just 2.4 percent higher. Separately, Natural Gas World reported that China’s liquefied natural gas imports in June were 29 percent higher than a year ago, at 5.79 million tons. January to June imports of LNG were also…

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