American businessmen meet PM Imran

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…

Read More

Oil Prices Unchanged as PM Rejects Price Hike

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…

Read More

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

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…

Read More

Libya Set To Export First Crude From Oil Ports Since January

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,…

Read More

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

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…

Read More

Mangla, Tarbela dams filled to maximum capacity Record 13.336 MAF water available in dams; good omen for agriculture, hydropower

The two mega water reservoirs of Mangla and Tarbela have been filled to their maximum capacity last night, resulting in the record availability of water in the two dams, which is being regarded a good omen for agriculture and hydel power generation in Pakistan in the days to come. The cumulative quantum of water available at present in Mangla and Tarbela reservoirs stands at 13.336 million acre feet (MAF) which is a record of water availability during the last 10 years. According to the statistics, water level in Mangla and…

Read More

The Collapse Of Oil Price Volatility

For two months, the oil market has been incredibly boring. Brent futures have not moved more than $1 per barrel in either direction over a single day for seven consecutive weeks. The OPEC+ cuts have stabilized the physical market, and money managers have placed bets on options that pay off with lower volatility. According to the Wall Street Journal, so-called “strangles” have suppressed implied volatility. Implied volatility has declined from a peak of 345 percent on April 21 (when oil prices went negative) to just under 30 percent by late…

Read More

Tesla Thwarts Serious Cyberattack On Nevada Gigafactory

Tesla’s Gigafactory in Nevada was a target of attempted and thwarted cyberattack, Elon Musk said, describing the attempt as “a serious attack.” Musk confirmed there was an attempted cyberattack, in reply to an article tweeted by Teslarati, which described how a Russian national had contacted an unnamed Russian-speaking, non-US citizen working at Tesla’s Gigafactory Nevada, offering to pay him US$1 million to insert malware in Tesla’s network, extract data, and demand ransomware. After meeting with the Russian national who had offered the money, Tesla’s employee reported the planned cyberattack to…

Read More

Australia Looks To Take The Lead In The Hydrogen Boom

Over the past decade, the European Union has widely been viewed as being ahead of the renewables curve, and it recently-launched new hydrogen strategy has only served to cement its credentials. The EU has a highly ambitious plan to install 40 gigawatts of electrolyzers within its borders and support the development of another 40 gigawatts of green hydrogen in nearby countries by 2030 that can export to the EU. That is a good 320x the current global installed capacity of 250 MW. But one desert country could soon make the EU’s hydrogen plans…

Read More

While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network

While pipelines in the United States face increasingly hostile legal challenges, China is seeing the importance of a national oil and natural gas pipeline network and is buying pipelines and storage facilities valued at 391.4 billion yuan ($55.9 billion). PipeChina was created in December 2019 to consolidate pipeline assets from the country’s state-owned oil and gas companies, as part of China’s reforms to incentivize domestic exploration and production. … China has recognized the necessity for an efficient and accessible pipeline network to further its expansion of oil and natural gas and…

Read More