Day: October 13, 2020

Iraq discussed on Tuesday plans for investment in associated gas production at its largest oilfield, Rumaila, Iraq’s Oil Minister Ihsan Abdul-Jabbar Ismail said in a statement to Shafaq News agency. With BP as operator, the Rumaila oilfield produces 1.5 million barrels per day (bpd) of oil, or around a third of the crude oil pumped in OPEC’s second-largest producer after Saudi Arabia. Oil production at Rumaila has increased by 40 percent since 2010. “The maintenance of production in Al-Rumaila oil field and the available investment opportunities in oil and gas…

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Oil prices appear to be waiting for the presidential election before making any major moves, with prices falling due to rising Libyan oil production before climbing on positive news out of China Chart of the Week –    Oil production outages have increased in 2020, cutting into global supply.  –    In 2020, oil disruptions have averaged 4.6 mb/d, reaching 5.2 mb/d at its deepest point in June. Outages averaged 3.1 mb/d in 2019. –    Much of the increase in outages came from Libya, Venezuela and Iran. Supply “disruptions” does not include production…

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ISLAMABAD: The International Islamic Trade Finance Corporation loaned $386 million to Pakistan for import of liquefied natural gas (LNG) and oil as a part of the $4.5 billion trade financing facility agreed for the country two years ago, the ministry of economic affairs said on Monday. The financing agreement signed between the International Islamic Trade Finance Corporation (ITFC), a subsidiary of Islamic Development Bank Group, and Pakistan for import of oil and LNG. State-owned Pakistan State Oil Company (PSO), Pak Arab Refinery Limited (Parco) and Pakistan LNG Limited (PLL) will…

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The issues facing the various under-performing manufacturing sectors and the official measures taken for their recovery so far were reviewed at a meeting chaired by Prime Minister Imran Khan on October 1. Manufacturers from various sectors, including pharmaceutical, cement, textile, chemicals, house appliances etc presented their points of view. The prime minister was assisted by the country’s top economic managers comprising minister for industries, advisor commerce, advisor finance, state bank governor and senior officials. Take the issue of CPEC–related industrialisation. The CPEC Authority Ordinance of October 2019 has lapsed and…

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The Executive Director of the World Health Organization’s emergency program, Dr.Mike Ryan, has warned all countries of the world against negligence in following the measures to prevent the emerging coronavirus, from wearing a face mask, social distancing, etc. For his part, the Director-General of the International Organization, Dr. Tadros Adhanom, said – in a press conference, today / Monday / – at the organization’s headquarters in Geneva – that the world is currently witnessing an increase in the number of new infections with the Coronavirus, especially in Europe and the…

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