Day: September 13, 2020

OPEC’s Third-Largest Producer Fails To Comply With Output Cuts

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The United Arab Emirates (UAE), currently OPEC’s third-largest producer, is estimated to have exported a lot more crude oil in August as it produced more than its quota under the OPEC+ deal, undermining the oil market’s faith in the group’s unity in the cuts.   According to tanker tracking data Bloomberg has compiled from several oil flow tracking firms, the UAE shipped more oil in August than it produced, and its production itself breached the limit set in the OPEC+ deal.  The UAE, which has so far followed Saudi Arabia’s lead to ‘lead…

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Iran To Link Its Power Grid To Russia, Azerbaijan

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Iran’s electricity grid will be connected with Russia and Azerbaijan in a few months, once grid compatibility studies are completed, Iran’s Energy Minister Reza Ardakanian said on Friday. Iran’s power grid could be linked and synchronized to connect with other grids either via Azerbaijan or via Armenia and Georgia, Ardakanian said, as reported by Iranian Fars news agency. “Iran welcomes either of the two routes which gets ready first,” Fars quoted minister Ardakanian as saying.   Iran, Azerbaijan, and Russia have agreed to set up a company which has already started working…

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Tesla In Discussions To Source Low-Carbon Nickel From Canada

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Tesla is in talks with Canada’s Giga Metals to potentially help it develop a nickel mine and buy the low-emissions nickel production for its batteries, Reuters reported on Friday, quoting three sources with knowledge of the discussions. Tesla’s CEO Elon Musk has recently asked miners to mine more nickel, preferably in an environmentally-friendly way, as Tesla and other automakers are ramping up production of electric vehicles and unveiling new models. “I’d just like to reemphasize, any mining companies out there, please mine more nickel, OK?” Musk said on Tesla’s Q2 earnings call at the…

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Pakistan delays plan to hedge oil prices

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ISLAMABAD: Pakistan has delayed its plan to hedge petroleum prices as experts have advised the government to stay away from materialising its hedging strategy while prices of petroleum products remain volatile. In a cabinet meeting held in March this year, Pakistan had decided to come up with an oil hedging plan in the wake of a tug of war between Saudi Arabia and Russia over global oil production, coupled with the rapid spread of the coronavirus, which sent crude prices crashing to a 17-year low in the global market. Sources…

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Court stays gas cess collection from fertiliser-makers

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KARACHI: The Sindh High Court has stayed the collection of Gas Infrastructure Development Cess (GIDC) on feedstock supply from fertiliser plants established under Fertilizer Policy 2001. Fertiliser manufacturers had challenged the imposition of GIDC on gas supplied under a fixed price gas sale and purchase agreement dated April 11, 2007. The government in order to encourage investment in new fertiliser plants had announced the Fertiliser Policy 2001, in which it guaranteed that feed stock gas to new plants including Enven and Fatima Fertilizers would be provided at a fixed price…

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