Brazil’s Petrobras Restarts Trade With Major Oil Traders

Petrobras is resuming oil trade with the world’s top commodity trading houses Vitol, Trafigura, and Glencore, after nearly two years of suspension amid a bribery investigation into the oil trading giants, Brazil’s state-held oil firm told Reuters late on Monday. In December 2018, Brazilian authorities opened an investigation into Vitol, Trafigura, and Glencore over alleged bribery in which traders had allegedly paid bribes of at least US$31 million to Petrobras insiders, traders, and employees in exchange for oil deals.    Just after the investigation was announced, Petrobras said it was suspending oil and…

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Turkey sets new power generation record

urkey set new all-time high records on Sept. 3 for daily electricity production and hourly electricity consumption, the nation’s energy and natural resources minister announced Tuesday. “Turkey’s energy production continues to rise, breaking records. Despite the (COVID-19) outbreak, we have a new record on daily energy production,” Fatih Dönmez reported over his Twitter account. According to the data shared by Dönmez, an all-time high daily generation was recorded on Sept. 3 with 1.07 billion kilowatt-hours (KWh), breaking the previous record of 1.06 billion KWh set on Aug. 2, 2018. The…

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17th Annual Environment Conference on Biodiversity and Post Pandemic Challenges on Sept 18th

Karachi: National Forum for Environment and Health (NFEH) is holding 17th Annual Environment Excellence Awards (AEEA 2020) & Conference on “Biodiversity and Post Pandemic Challenges” on September 18 at local hotel Karachi. This was announced by President Naeem Qureshi in the meeting of NFEH Advisory Committee held at NFEH Office. Naeem Qureshi said conference and colorful award ceremony will be held on September 18, 2020. Syed Amin ul Haque Federal Minister for IT and Telecommunications, Syed Nasir Hussain Shah, Minister Local Government, Forest and Wildlife Sindh, Administrator Karachi Iftikhar Shallwani…

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CPEC projects get new team leader

ISLAMABAD: The government has appointed a new head of two research and administration support projects of the China-Pakistan Economic Corridor (CPEC) ahead of a meeting of the highest decision-making body of the bilateral strategic initiative. The Pakistan Tehreek-e-Insaf (PTI) government has given the charge of Centre of Excellence project of CPEC and CPEC Support Project to Qazi Zaheer Ahmad, a grade-21 officer working in the Ministry of Planning and Development. The responsibilities have been given on a temporary basis. “I have been appointed project director and the CPEC Support Project…

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SSGC’s loss drops 11% to Rs3.2 billion

Sui Southern Gas Company’s (SSGC) consolidated loss dropped 11.3% to Rs3.24 billion in the quarter ended September 30, 2018 due to an increase in revenue from the sale of gas, according to a bourse filing on Monday. The loss had been registered at Rs3.65 billion in the same quarter of previous year, according to the company’s profit or loss account sent to the Pakistan Stock Exchange (PSX). Accordingly, the loss per share fell to Rs3.68 in the quarter under review from Rs4.15 in the corresponding quarter of previous year. SSGC’s…

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Row over hiring of arbitrator remains

ISLAMABAD: The federal government has stepped up efforts for the transfer of K-Electric shares to Shanghai Electric Power of China but differences have not been resolved over the appointment of an arbitrator that will deal with the issue of receivables and payables. An application seeking the national security certificate for the transfer of 66.4% K-Electric shares to Shanghai Electric Power was submitted to the Privatisation Commission in November 2016. Subsequently, stakeholder meetings were held at different forums. The Cabinet Committee on Privatisation, when it met in March 2018, agreed that…

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Bhutta new power secretary; Rasul made OSD

ISLAMABAD: The federal government on Monday removed Secretary Power Division, Omar Rasul. According to an official notification, Ali Raza Bhutta, a BS-22 officer of Pakistan Administrative Service, presently posted as Secretary Poverty Alleviation and Social Safety Division, has been transferred and posted as Secretary Power Division. The sources said, last week, a disgruntled Secretary Power Division Rasul left the Ministry in the middle of a pre-PAC meeting and did not return till Monday . The sources said Rasul had submitted in writing to the Establishment Division that he cannot continue…

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Current Market Factors Impacting Economic Performance Of Oil And Gas Investments

We have seen oil prices go up and down, up and down over the 100 years my family has been in the oil business. My great grandfather, AP Young, worked the West Texas oilfields until his work boots were sloshing because of all the sweat. Some years, he would sit under a tree and hope someone on the rig got hurt so he could replace them, so he could feed his twelve kids. With the hangover of the COVID-19 pandemic decreasing the need for oil, our daily consumption to fulfill…

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Accelerated carbonation of mining waste may be used to recover cobalt, nickel

A series of experiments carried out by an international group of scientists allowed them to achieve the equivalent of approximately 30 years of passive carbonation of mine tailings within four weeks.  In a paper published in the journal Economic Geology, the researchers say that this accelerated carbonation of mining waste significantly increases carbon capture for environmental benefit and has the potential to recover valuable battery metals. SIGN UP FOR THE BATTERY METALS DIGEST Sign Up “If you can integrate carbon capture with the recovery of previously inaccessible minerals, say of nickel and cobalt,…

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Turkish President Erdogan blinks first in eastern Mediterranean standoff

ANKARA: Turkish President Recep Tayyip Erdogan backed down on Sunday from looming conflict in the eastern Mediterranean by ordering a research ship operating in Greek territorial waters to return to the Turkish coast. Tension in the region had soared since the Oruc Reis seismic survey vessel and an escort flotilla of Turkish navy frigates was deployed last month near the Greek island of Kastellorizo, despite repeated protests from Athens and the EU, particularly French President Emmanuel Macron. The Turkish exploration for oil and gas was accompanied by increasingly bellicose rhetoric…

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