Month: September 2020

With Glaciers Melting And Temps Soaring, Pakistan Pursues Big Action On Climate Change

Admin

On her first foray into tree planting, Laiba Atika forgot a key item — a shovel, which her mom later fetched. But the 17-year-old is clear about why she is leading volunteers in the northern Pakistani city of Mardan to plant dozens of pine trees in a scrubby park. “It’s our duty as citizens,” she says in formal English, “to implement actions that can make planet a better place to live in.” “It’s our duty as citizens,” says Atika in formal English, “to implement actions that can make planet a…

Read More

Deadly Armenia-Azerbaijan clashes unlikely to cause an oil spike, analyst says

Admin

Deadly clashes between Armenia and Azerbaijan are unlikely to result in major disruptions to energy production and supplies, analysts say, despite the region being a critical corridor for pipelines transporting oil and gas to the global markets. “There is not really much anticipation that this will boil over into something more serious for oil and commodity markets,” Edward Bell, a senior director at Dubai-based Emirates NBD bank, told CNBC. “If the geopolitical premium is not already in the price, I don’t think we’re going to see much reaction here on…

Read More

Oil rises on economic recovery hopes, Covid-19 keeps prices in check

Admin

Oil prices edged up on Monday as global equities rallied on hopes for another U.S. stimulus package, but rising virus cases fed concerns about fuel demand and kept oil futures from moving higher. Brent crude settled 51 cents, or 1.22%, higher at $42.43 per barrel. West Texas Intermediate settled 35 cents, or 0.9%, higher at $40.60 per barrel. “There is some renewed hopes that the Democrats and the Republicans can get a relief bill put together and that seems to be raising expectations that the (oil) demand outlook is going…

Read More

Oil slides more than 3% as virus cases mount

Admin

Oil prices on Tuesday fell more than 3%, although closed off their lowest levels of the day, on worries about the outlook for fuel demand as Europe and the United States grappled with a surge in new coronavirus infections. Stock and commodities investors remained cautious ahead of the first U.S. presidential debate between Democrat Joe Biden and Republican Donald Trump later on Tuesday. The energy market was also waiting for weekly updates on U.S. crude stockpiles from the American Petroleum Institute (API) on Tuesday and the Energy Information Administration (EIA)…

Read More

In energy mix: Share of Hydropower to Rise to 50%

Admin

The share of hydropower in total energy mix will increase to 50% by 2050 to provide cheap energy that will boost business activities and accelerate economic growth, said Water and Power Development Authority Chairman Muzammil Hussain. Addressing the business community at the Islamabad Chamber of Commerce and Industry (ICCI) on Monday, he gave a detailed presentation on Diamer-Bhasha, Dasu, Mohmand and other dams being constructed by the authority. “The business community deserves appreciation because despite high energy cost and power shortage, it has been doing a tremendous job to promote…

Read More

Climate change may hamper economic recovery

Admin

ISLAMABAD: The economic revival, which was observed in the first two months (July-August) of the current fiscal year 2020-21, may be hampered in September due to climatological events and inflation is also expected to rise, according to a monthly report released by the Ministry of Finance. The Economic Updates and Outlook Report for September also revealed that the foreign remittances may further slowdown in the range of just $1.3 billion to $1.6 billion in September. The report, released on Monday, stated that the cumulative remittances for the July-September quarter will…

Read More

Power production inches up 4% in August

Admin

Power production increased over 4% to 14,630 gigawatt-hours (GWh) in August 2020 with economic activity back to pre-Covid-19 levels in Pakistan. Many industries, including the leading export earning sector of textile, cement and automobile manufacturing sectors, showed a notable recovery in their production in the month under review. The electricity generation had stood at 14,052 GWh in August last year, according to the power sector regulator – the National Electric Power Regulatory Authority (Nepra). “Due to revival of economic activities, power production numbers for August 2020 have shown growth,” Topline…

Read More

Cabinet to examine credentials of applicants

Admin

ISLAMABAD: The cabinet has decided to scrutinise credentials of shortlisted candidates for the post of member oil of the Oil and Gas Regulatory Authority (Ogra). The decision came after the Cabinet Division tabled a summary for approval in a recent cabinet meeting to appoint a new member oil of Ogra. At present, seats of Ogra member oil and chairman are vacant and due to their absence, the quorum of the regulatory authority is not complete. Therefore, the regulator has become dysfunctional. Sources told The Express Tribune that the Cabinet Division…

Read More

Imran affirms support to efforts for biodiversity conservation

Admin

ISLAMABAD: Prime Minister Imran Khan has said that his government is committed to the global efforts for biodiversity conservation and protection and has, therefore, undertaken many initiatives to protect green areas in the country. According to a press statement issued here on Monday by the Ministry of Climate Change, the prime minister said: “In fact today the global biodiversity is faced with myriad challenges caused due to unsustainable human activities, including habitat destruction, habitat fragmentation, habitat degradation, overexploitation of species for human use, introduction of exotic species and increased spread…

Read More

Govt to build underground gas storages

Admin

ISLAMABAD: Amid increasing gas deficit, the government is reviving an underground gas storage project shelved almost a decade ago to plan higher imports in summers and bridge higher demand-supply gap in winters. The Asian Development Bank (ADB) has agreed to undertake a technical study through its $575,000 financing with the support of a consortium of European oil and gas equipment companies. Special Assistant to Prime Minister on Petroleum Nadeem Babar on Monday presided over a meeting with a delegation of ADB and the companies concerned for the development of underground…

Read More