Islamic State Claims Attack On Iraqi Refinery

Islamic State militants launched a rocket strike against an Iraqi refinery causing its shut-down, Reuters has reported, citing officials from the facility. In a statement on the terrorist group’s official channel, IS took responsibility for the attack, which caused a fire at a fuel storage tank, which has been put under control. “We completely shut down production units to avoid extensive damage that could result,” one of the Reuters sources said. The Siniya refinery, located in Northern Iraq, has a daily processing capacity of 300,000 bpd. Operations at the facility…

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U.S. To Blacklist Chinese Oil Giant Due To Military Ties

The United States government is set to add Chinese state oil company CNOOC to a blacklist of companies with ties to the Chinese military, Reuters has reported, citing sources and a document. The move is the latest escalation in the U.S-Chinese trade spat and comes less than two months before the administration changes. So far, the Department of Defense has designated 31 Chinese companies from various industries as either owned or controlled by the country’s military. Earlier this month, Reuters reported the DoD will add another four. CNOOC and a…

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Saudi Arabia Expected To Increase Oil Prices To Asia

Refiners in Asia expect the world’s largest oil exporter, Saudi Arabia, to raise the official selling prices for its crude oil going to Asia in January due to stronger winter demand, according to a Reuters survey. Several major refiners in Asia, the top importing crude oil market, have recently increased spot purchases of crude oil to meet stronger demand as consumption is recovering from the lows seen earlier this year and as winter in the northern hemisphere approaches. According to the Reuters survey of six refiners in Asia, the buyers…

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Venezuela’s Oil Crisis Is An Environmental Time Bomb

The international media think tanks and government agencies have discussed at length the near failure of Venezuela, once Latin America’s most stable and developed nation, and the emergence of this century’s second-worst humanitarian crisis. The country’s implosion can be blamed upon a variety of factors, the key being the socialist Maduro regime’s gross mismanagement of its economic engine, Venezuela’s oil industry. While the economic, political, and humanitarian fallout from what can only be described as the world’s worst peacetime economic crisis is widely recognized, the environmental consequences have long been…

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Payment of 3 percent fee/charges to CCP: FD’s viewpoint given preference

ISLAMABAD: The Federal Cabinet has reportedly given preference to Finance Division’s viewpoint over Cabinet Committee on Legislative Cases (CCLC) regarding payment of three percent fee/ charges by regulatory bodies to be paid to Competition Commission of Pakistan (CCP), well informed sources told Business Recorder. Insiders claim that the CCP which was facing severe criticism in the recent past for allegedly colluding with the mafias, is now showing its teeth, with the blessings of some of the key government office holders, who played their role in recent appointments. On Oct 21,…

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owards competitive gas market 2.0

ISLAMABAD: Competition and privatisation are the buzz words for economic growth and modernisation. Privatisation has had a chequered history in Pakistan. Lack of a developed private sector has prevented privatisation and vice versa. The elite, bureaucracy and their cronies and relatives have found relatively well-paid jobs in the public sector and have been opposing privatisation. Competition has been hijacked by collusive business mafia creating fear among people and policymakers of markets and competition. On the other hand, the regulated and control regime is bursting at its seams due to growth…

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ADNOC awards $519 million contract expanding world’s largest 3D seismic survey

The Abu Dhabi National Oil Company (ADNOC) awarded a contract worth up to $519 million (AED1.9 billion) to further expand the scope of the world’s largest combined three-dimensional (3D) onshore and offshore seismic survey, which is currently taking place in the Emirate of Abu Dhabi. The expansion underscores the important role seismic surveying plays in enabling ADNOC to identify and explore new hydrocarbon resources as highlighted by the recent major discoveries of recoverable unconventional oil resources and conventional oil reserves announced by Abu Dhabi’s Supreme Petroleum Council (SPC) earlier this…

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Highest gas wellhead prices, LPG margins making Pakistani gas costly for consumers

Islamabad-The highest gas wellhead prices and LPG margins in the region is making Pakistani gas more expensive for the consumers. The wellhead prices of domestic gas and margin on LPG is higher respectively 33 per cent and 26 per cent than the regional countries, data available with The Nation reveals. The government seems to be focusing more on LNG prices and ignoring the high margins and wellhead prices on LPG and Natural gas respectively. By reducing the LPG margins and Wellhead gas prices the government can reduce the prices of…

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Overcoming the Gulf States’ oil curse

How are the oil-rich countries of the Persian Gulf, usually called the GCC countries, coping with the current pandemic crisis and other growing global pressures? The common assumption tends to be that with their fabulous wealth from floating for decades on seas of oil and gas the emirates and kingdoms of the region will all get through and overcome all challenges. But if that is what people think, then they should think again. In reality this is a time when almost everything is turning against these Arab states. Their most…

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Gas Load Shedding In Sindh: SSGC Denies Reports

Amid strong opposition from key stakeholders, the Cabinet Committee on Energy (CCOE) led by Minister for Planning and Development Asad Umar has put on hold the unbundling of two gas utilities — Sui Northern Gas Pipelines Ltd (SNGPL) and Sui Southern Gas Company Ltd (SSGCL) — until a comprehensive, feasible and time-bound road map for gas-sector reforms is available. He agrees that the unbundling of gas firms into transmission and distribution companies is not the objective per se and lessons should be learnt from power-sector reforms that began with the…

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