Month: July 2020

Schlumberger Books Second Consecutive Loss Amid Shale Bust

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The world’s largest oilfield services provider, Schlumberger (NYSE:SLB), reported on Friday a second straight quarterly loss on the back of a dramatic revenue slump in U.S. shale and asset impairment charges in what “has probably been the most challenging quarter in past decades,” as CEO Olivier Le Peuch said. The company also announced it would get rid of 21,000 jobs as oil producers rein in spending. Schlumberger reported on Friday a net loss of US$3.434 billion for the second quarter, after a US$7.376-billion loss for Q1, which was the result…

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Ukraine Opposes U.S. LNG Pricing Formula

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Ukraine’s state-held gas firm Naftogaz is reportedly opposed to the pricing formula for U.S. liquefied natural gas (LNG) it could receive under a long-term contract, while there isn’t enough infrastructure ready to ship American LNG from Poland into Ukraine, analysts have told DW. The U.S. is eager to supply its LNG to central and eastern European markets, especially Poland and Ukraine, arguing that American gas is superior to gas from Russia, which binds economic contracts with politics. However, talks between Louisiana Natural Gas Exports Inc and Ukraine’s Naftogaz have stalled,…

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Sindh govt to replace Metropole Hotel with modern park for children, elderly

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KARACHI: Sindh Chief Minister Syed Murad Ali Shah has decided to acquire the Metropole Hotel land to prevent the construction of a high-rise on its place and instead develop a modern park for children and elderly people. He also decided to acquire a portion of the Sindh Club on the corner for widening of the left turning of the road from the Metropole Hotel towards Clifton to ease traffic flow. He directed the commissioner of Karachi to talk to the owners of the hotel and the Sindh Club management for…

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Emirates covers customers from COVID-19 expenses, in industry-leading initiative to boost travel confidence

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Karachi / Dubai: July 24, 2020 – Emirates customers can travel with confidence, as the airline will cover medical expenses of up to EUR 150,000 and quarantine costs of EUR 100 per day for 14 days, should they be diagnosed with COVID-19 during their travel, while they are away from home. This cover is provided by the airline, free of cost to its customers. HH Sheikh Ahmed bin Saeed Al Maktoum, Emirates Group Chairman and Chief Executive said: “Under the directive of His Highness Sheikh Mohammed, UAE Vice President and Prime…

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Pakistan’s power generation doubles in June

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Power production almost doubled in June 2020 compared to March when the Covid-19 outbreak crippled economic activities and brought them to a near halt. The significant growth in power generation indicates that a majority of the factories and industries have returned to work from the four-month-long lockdown. “Power generation has…almost doubled (soared 92% in June) from the low recorded in March 2020,” Topline Securities’ analyst Sunny Kumar said in a brief report on power production in the previous fiscal year ended June 30, 2020. Power generation started to decline in…

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