Pakistan wins stay over $6 billion penalty in Reko Diq case

ISLAMABAD: The World Bank’s International Centre for Settlement of Investment Disputes (ICSID) has granted a stay on the enforcement of the massive penalty of $6 billion imposed on Pakistan for its decision to deny a mining lease for the Reko Diq project to Australia’s Tethyan Copper Company (TCC). The office of the attorney general for Pakistan in a statement described the development as a success for the country and its legal team. In July last year, an international arbitration tribunal of the ICSID had slapped a penalty of $6 billion…

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A Wave Of Consolidations Hit Canada’s Oil Patch

A vicious one-two-three punch that started with a gloomy long-term future outlook due to rampant fossil fuel divestments, climate change policies, and decarbonization as well as shorter-term—but severe—shocks from the COVID-19 crisis, has thrown Canada’s most important export industry into an existential crisis.  Meanwhile, the drumbeat of exits by foreign oil firms bailing on the unprofitable tar sands has added an extra layer of gloom for an industry responsible for a fifth of Canada’s exports. It, therefore, comes as little surprise that Canada’s oil and gas producers are scrambling to…

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UK projects up to 20 billion barrels of oil remain to be found offshore

The Oil and Gas Authority (OGA) has published the UK Oil and Gas Reserves and Resources as at end 2019. It provides an estimate of the UK Continental Shelf’s remaining recoverable petroleum resources. The report estimates that there remains in the range 10 to 20 billion barrels or more of oil equivalent, including discovered and undiscovered petroleum resources. Official government forecasts suggest that oil and gas will remain an important and critical part of our energy mix for the foreseeable future, as we transition to net zero. Managing the basin’s…

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Iran ranks 1st in world oil, gas discovery in 2019

TEHRAN- The National Iranian Oil Company (NIOC) ranked first among the world’s largest oil companies in terms of total oil and gas discovery in 2019, with the discovery of 4.973 billion barrels of equivalent hydrocarbon reserves, Shana reported on Monday. Seyed Saleh Hindi, the NIOC’s director of exploration, stated in a letter to NIOC Managing Director Masoud Karbasian: “The National Iranian Oil Company is the number one in oil and gas discovery in the world.” According to a report by the prestigious Wood Mackenzie International Institute, published under the title…

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ADNOC Successfully Completes US$1 Billion Institutional Placement Of ADNOC Distribution Shares

ABU DHABI, (UrduPoint / Pakistan Point News / WAM – 14th Sep, 2020) Abu Dhabi National Oil Company, ADNOC, announced on Monday that it has successfully completed a placement to institutional investors of 1.25 billion shares in Abu Dhabi National Oil Company for Distribution PJSC, ADNOC Distribution, which are listed and traded on the Abu Dhabi Securities Exchange, ADX. This represents 10 percent of ADNOC Distribution’s total share capital. With this additional 10 percent placement, valued at US$1 billion, the company’s free float will increase to 20 percent, contributing to…

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Power sector making up for losses by tariff hike and secret overbilling of consumers

President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said consumers of electricity are braving the double-edged sword of continued tariff hike and secret overbilling by the power sector. Consumers are deprived of billions of rupees every month to make for the losses, inefficiency and corruption in the power sector, he said. Mian Zahid Hussain said that honest consumers are being punished for power theft and reduction in demand due to its high price. Talking to the business community, the veteran…

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Pakistan to start producing solar energy panels in one and half year: Fawad

ISLAMABAD, Sep 14 (APP):Federal Minister for Science and Technology Chaudhry Fawad Hussain Monday sad Pakistan would indigenously start producing solar energy panels in one and a half year. “We will be able to transform free solar power to the batteries. With the rapid technological change, each residential unit will have its separate domestic power house and the size of a battery will reduce with its enhanced power,” he said in an exclusive talk with a private news channel. The minister said currently, one time chargeable million mile batteries were being…

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LCCI for more investment in renewable energy

LAHORE-Renewable energy is a cheap source of energy and has changed the approach of big economies from conventional sources of power to more efficient, cheap and nature friendly resources. These views were expressed by the president of Lahore Chamber of Commerce and Industry Irfan Iqbal Sheikh, senior vice president Ali Hussam Asghar and vice president Mian Zahid Jawaid Ahmed during a meeting with a delegation on renewable energy here on Monday. They said Pakistan is full of resources needed for renewable energy as it can receive about 1KW of solar…

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Pakistan’s petrol crisis of June 2020

ISLAMABAD: On July 21, the Islamabad Policy Institute issued a report titled “The petrol crisis of June 2020.” This report shows a lack of understanding, is based on misinformation and has numerous factual errors. There was a supply glut building up in the international oil markets since the beginning of the year. On February 25, 2020 the Arab Gulf Platts (fob) price for a barrel of petrol was $60.35, which dropped to $33.87 on March 13, 2020. While this was happening, the full impact of Covid-19 on the demand side…

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FATF October review to go well for Pakistan: Yao Jing

ISLAMABAD: Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh and Chinese Ambassador Yao Jing discussed matters related to Financial Action Task Force (FATF) and the latter said that October review will go well for Pakistan. The Chinese ambassador made a farewell call on the advisor here at the finance division on Thursday. Shaikh said that China-Pakistan relations will further strengthen in future. He appreciated the commitment with which Jing worked for the progress of the Pak-China relationship. He acknowledged the contributions of Ambassador Jing and China’s leadership for…

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