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…
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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…
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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…
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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…
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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…
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Last summer, oil and gas-industry groups were lobbying to overturn federal rules on leaks of natural gas, a major contributor to climate change. Their message: The companies had emissions under control. In private, the lobbyists were saying something very different. At a discussion convened last year by the Independent Petroleum Association of America, a group that represents energy companies, participants…
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LAHORE: Pakistan’s post-pandemic economic performance looked better than its regional competitors because the GDP of the country had already shrunk by 15 percent pre-pandemic. Accumulated demand after lockdown created economic activity. The central bank also provided unusual support in the form of low interest loans to businesses for payment of salaries to their employees. There loan servicing was also deferred.…
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The Federation of Pakistan Chambers of Commerce and Industry (FPCCI), opposing the Economic Coordination Committee’s (ECC) decision of raising power tariff for the export sector by 1.5 cents amidst downfall of 20 per cent exports, has sought regionally competitive energy tariffs for domestic as well as export industries to capture the global market. FPCCI President Mian Anjum Nisar observed that…
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ATTOCK (Dunya News) – Special Assistant to Prime Minister on Climate Change Malik Amin Aslam Saturday said that provision of gas facility to 25 villages and adjacent localities of NA-56 had been approved. While addressing a gathering in Pindigheb, he said the government believed in across the board provision of facilities without any discrimination, adding that that NA 56 constituency…
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HARIPUR: Landowners from the remote Sarahdna villagein Khanpur tehsil have criticised a gas exploration company over what they called its failure to fulfil conditions incorporated in the memorandum of understanding(MoU) at the time of land acquisition. They warned that they would stage protests if their demands were not met in two weeks. Located on the eastern bank of Khanpur reservoir…
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