Major work on 886km Matiari-Lahore transmission line completed

LAHORE: Pakistan’s first and mega High Voltage Direct Current (HVDC) project — Matiari-Lahore transmission line — has almost been completed as engineers finished the entire line stringing work besides energising the converter station near Lahore. The project, launched under the China-Pakistan Economic Corridor, has now officially entered the testing and commissioning phase that is likely to complete by December this year, Dawn has learnt. “We have completed all major works (civil, electrical, mechanical, erection etc) of the 886km transmission line. After completion, the project has officially entered a new stage of energised…

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Pandemic is taking a heavy toll on oil and gas companies

Already struggling with weak prices from oversupply, the pandemic is taking a heavy toll on the oil industry. The International Energy Agency (IEA) says the impact on investments in the oil industry will continue to be felt for years to come. The ongoing coronavirus pandemic will end up having long-term impacts on the petroleum industry that could be felt for years to come. The IEA suggests that in 2020, so far, oil majors have made spending cuts averaging about 35 percent in response to the effects that the coronavirus pandemic…

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OGDC’s earnings dip 14% in Jul-Sept quarter

Oil and Gas Development Company’s (OGDC) profit fell 14% to Rs23.4 billion in the quarter ended September 30, 2020 due to a massive drop in oil prices in the international market. According to a notice sent to the Pakistan Stock Exchange on Thursday, the company had reported a profit of Rs27.3 billion in the same period of last year. Accordingly, earnings per share (EPS) of the company came in at Rs5.45 during the Jul-Sept 2020 quarter against Rs6.35 in the same quarter of previous fiscal year. Along with the result,…

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New gas pipeline to be laid with Russian cooperation: Omar Ayub

HYDERABAD: Federal Energy Minister Omar Ayub on Wednesday announced that Pakistan is planning to lay down a new gas pipeline with the cooperation of Russia. While announcing that gas reservoirs of the country are witnessing a fast decline, he blamed the PPP and PML-N for doing nothing during their previous tenures for tackling the situation. “They did not sign any tender for new gas reservoirs,” he added. The minister said that the recent hike in power tariff is also due to agreements signed by the previous governments, adding that the incumbent…

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Shell Announces a 218% Increase in Profit For Q3 2020

Shell Pakistan Limited (‘SPL’) has announced the financial results for Q3 2020. The company posted an after-tax profit of Rs. 1.81 billion, which is 218% or 2.18x higher as compared to the profit of Rs. 570 million in the same period last year. Overall, during the nine months of 2020, the company reported a loss of Rs. 6.06 billion, up by 5.91x as compared to Rs. 877 million recorded in the same period last year. The financials still present a challenging situation, driven primarily by the unprecedented coronavirus pandemic and…

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How a lack of innovation is crippling Pakistan’s economy

A continued investment in the technology sector often distinguishes developed nations from developing nations. An increased focus on this sector not only yields positive dividends on growth but also facilitates headway on the development front. This is why countries – like China – which house an overwhelming proportion of the competitive high-tech industry enjoy long-term economic prosperity in the wake of cost-efficient outputs that nimbly tap into both local and foreign markets. However, technology is not an input that any country can code into its economy. It results from sustained…

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Are Stock Markets About To Crash Again?

Late last year, a cross-section of pundits predicted that 2020 would go down as one of the most volatile years in the history of financial markets mainly due to escalating trade wars. Turns out they were half-right. The current year really has been one of the most volatile on record not due to the feared trade tensions but a much deadlier foe: Covid-19. The global pandemic was directly responsible for the epic market crash back in March–the fastest in history–and it could be about to do the markets in, again.…

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Traders Look To Store Diesel At Sea As Second Wave Hits Demand

In another sign that the second coronavirus wave is hitting fuel demand, oil trading firms are looking for new supertankers to use them as floating storage for diesel as demand is expected to suffer from the renewed lockdowns in major European economies, trade and shipping sources told Reuters. Diesel in global floating storage is expected to increase as major oil firms and trading houses are on the prowl for supertankers, expecting lower than usual diesel demand from the industrial, heating, and transport sector in the coming months. Concerns about fuel…

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Aggressive push to 100% renewable energy could save Americans billions – study

An aggressive push towards 100% renewable energy would save Americans as much as $321bn in energy costs, while also slashing planet-heating emissions, according to a new report. Joe Biden, the Democratic presidential nominee, has vowed to eliminate greenhouse gases from the US power grid within 15 years and essentially zero out emissions by 2050, a plan assailed by Donald Trump as costly and detrimental to the American economy. But a new analysis by Rewiring America, an energy policy organization, finds that households would benefit financially from a complete switch to clean…

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Olive Cultivation is The Best Solution for Pakistan’s Economy, Here’s Why

Olive production in Pakistan is the next best agricultural solution for supporting the country’s cash-strapped economy. Current shifts in global economics call for innovation in the agriculture sector and a new export portfolio. According to reports, Pakistan imports olive oil worth $2 billion every year. In attempts to overcome this negative balance, the Punjab government initiated an olive production program in Potohar that planted more than 1 million olive trees on 8,000 acres of cultivable land in 2016. Agriculture reforms that address cohesive economic growth are much needed in Pakistan.…

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