Venezuela Faces The Real Possibility Oil Production Dropping To Zero

Venezuela once considered one of Latin America’s prosperous countries has plunged into the abyss. Years of economic mismanagement, cronyism and corruption have sparked a monumental economic collapse which saw the oil rich country become one of the poorest in South America. There are emerging signs that Venezuela is on the verge of becoming a failed state. Oil plays a dominant role in Venezuela being responsible for almost all export income and a significant proportion of gross domestic product. The oil rich Latin American country’s once mighty petroleum industry, which long…

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Wind farm plan adds solar and battery energy storage in the Tri-Cities

BENTON COUNTY, Wash. – Scout Clean Energy (“Scout”), announced plans to add solar and battery storage components to a proposed wind farm that would be located just south of the Tri-Cities in Benton County, Washington. The innovative development will combine wind energy, solar energy, and battery energy storage in the same location – making more renewable energy available to customers during lower wind periods, and for short durations when the sun is not shining, and the wind is not blowing.  “Throughout the development process, our team has been diligently examining…

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Climate change: Power companies ‘hindering’ move to green energy By Matt McGrath

New research suggests that power companies are dragging their feet when it comes to embracing green energy sources such as wind and solar. Only one in 10 energy suppliers globally has prioritised renewables over fossil fuels, the study finds. Even those that are spending on greener energy are continuing to invest in carbon heavy coal and natural gas. The lead researcher says the slow uptake undermines global efforts to tackle climate change. In countries like the UK and across Europe, renewable energy has taken a significant share of the market,…

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Physical work on two private sector LNG terminals to commence in few months Share:

ISLAMABAD -Two multinational companies are all set to start physical work on setting up their Liquefied Natural Gas (LNG) terminals during next few months after the government opened up the energy sector under its ease-of-doing-business strategy. “The government had allowed five private sector companies to establish their own LNG terminals, out of which two firms Exxon Consortium and Mitsubishi will start physical work on their projects before end of the current year,” a senior official privy to petroleum sector developments told APP. All agreements, permissions and arrangements in that regard…

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ICAP signs MoU with IBA on launch of ICAP-IBA Research Unit

KARACHI: To promote research in the field of Accounting and Finance, the Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Business Administration laid the foundation of ICAP-IBA Research Unit (IIRU). The two institutes expressed their intention to promote research and development in Pakistan by attracting and retaining outstanding scholars having research interest in the areas relevant to the profession, including finance, accounting, auditing, corporate governance and taxation. ICAP and IBA sponsors of the IIRU will provide the requisite funding, in shape of grants to the research candidates. The…

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Corporates collectively rescue employees while the rest of the city drowns due to poor infrastructure

While the spell of monsoon rains played havoc across the city, key city links were flooded, severing the city’s transportation system and leaving people stranded on roads. Amid the downpour, people were stranded at their offices with no transportation or food. In the wake of the emergency crisis and thunderstorm that shook the whole city, corporates proved to be the real heroes. While employee accountability is commendable, the real core of corporate responsibility is ensuring that everyone in your organization is taken care of and a relationship of trust is…

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Four of China’s five largest state-owned banks prepare for bad debt from COVID-19

BEIJING/SHANGHAI – Four of China’s five largest state-owned banks said they have increased their provisions against bad debt to brace for future losses due to the impact of the global coronavirus pandemic. All five reported their biggest profit falls in at least a decade and an increase in soured loans when announcing their half-year results on Sunday and last week. The results highlight the impact of the pandemic and the economic slowdown on Chinese banks as borrowers struggle to repay debt after months of lockdown and some sectors, such as those in the…

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Chocolate sales spike during lockdown, surpass overall candy sales

Chocolate is leading the charge on the candy front as the coronavirus pandemic continues. A data-driven report from the National Confectioners Association shows that demand for chocolate has surpassed demand observed in the candy market overall from March 15, 2020 to Aug. 9, 2020. Between those five months, the premium chocolate market saw the largest growth with a sales spike of 12.5%. Non-premium chocolate, on the other hand, saw a sales increase of 5.5%. The candy market, which also includes chocolate products, saw an increase of 3.8%. Grocery stores have been credited as the “key driver for chocolate…

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Israeli, U.S. Delegations Land in UAE After Historic Flight

An Israeli delegation landed on Monday afternoon in Abu Dhabi to formalize the U.S.-brokered deal to normalize relations with the United Arab Emirates. The delegation is headed by National Security Adviser Meir Ben-Shabbat, joined by his U.S. counterpart Robert O’Brien and senior U.S. Presidential Adviser Jared Kushner.The first meeting between the delegation and Emirati officials following the arrival included discussion of the possibility of opening embassies in the UAE and Israel and of signing bilateral agreements to improve ties, according to a Foreign Ministry statement. The meeting was headed on…

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Ministry Of Energy Petroleum Division

Federal Minister for Energy Mr Omar Ayub Khan met H.E Nawaf bin Saeed Ahmed Al-Malki, Ambassador of Kingdom of Saudi Arabia in his office this afternoon. The Minister and Ambassador reviewed the current projects between Saudi Arabia and Pakistan in field of petroleum and energy sector. Federal Minister apprised the envoy about investment-friendly policies introduced by current government in diverse fields for development and economic growth of Pakistan. He said that energy sector was one of the prime investment destination for broadening of economic base of the country. He also apprised…

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