Month: August 2020

American businessmen meet PM Imran

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Prime Minister Imran Khan has said removing hurdles to business activities and providing a conducive environment to the business community is among the top priorities of his government. “The federal government announced to give concessions to the construction sector [in the wake of coronavirus pandemic] so that the construction sector and other businesses associated with it may thrive,” Imran said on Monday while speaking to a delegation of the American Business Council. Adviser to the PM on Finance Dr Abdul Hafeez Shaikh, Adviser to the PM on Commerce Abdul Razak…

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Oil Prices Unchanged as PM Rejects Price Hike

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The federal government on Monday announced keeping oil prices unchanged for a fortnight effective September 1, 2020 (today) after Prime Minister Imran Khan turned down recommendations of the Oil and Gas Regulatory Authority (Ogra), petroleum and finance divisions to increase the prices of petroleum products, citing high food inflation faced by the people. The government switched from monthly to a fortnightly basis, following demand of the oil industry to rescue them from inventory losses. The government has decided to maintain the petroleum prices of August for the month of September…

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Mexico’s Oil Major Pemex Ignores Investor Calls To Curb Emissions

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Mexico’s state oil firm Pemex is not planning a shift toward curbing carbon emissions or green energy, as Mexican President Andrés Manuel López Obrador continues to bet on oil exploration and a new domestic refinery to make the country energy independent and reverse the years-long decline in oil output, Reuters reported, citing government and company sources. López Obrador, a leftist populist, came to power with the promise to increase state support for Pemex and make the state-run major the pillar of a turnaround for the country’s declining oil production. Petróleos…

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Libya Set To Export First Crude From Oil Ports Since January

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Two tankers will be the first since January this year to load oil for export at the Libyan port of Brega, Bloomberg reports, citing unidentified source in the know. One of the cargos, of 600,000 barrels of crude, will be shipped to Austrian OMV. The other is of a similar size but its destination has not been disclosed. Libya’s oil ports have been frozen by a blockade since January, when groups affiliated with the Libyan National Army of General Khalifa Haftar took over, suspending all exports and, as a result,…

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WAPDA hydel generation surpasses 8500 MW for first time 8757 MW delivered to National Grid during peak hours

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Electricity generation of hydel power stations owned and operated by Pakistan Water and Power Development Authority (WAPDA) surpassed 8500 megawatt (MW) mark for the first time in Pakistan, as WAPDA provided 8757 MW of electricity to the National Grid during peak hours the other day. Previously, the record of hydel power generation was 8474 MW delivered to the system on September 11, last year. This record generation of hydel electricity by WAPDA is the result of higher reservoir level at Tarbela and Mangla dams, increased water outflows as per indent…

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