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…

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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…

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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…

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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…

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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…

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Energy ministry comes up with replies to 7 media questions

ISLAMABAD: The Ministry of Energy Petroleum Division Friday issued a press release, clarifying its position regarding reports, circulating in the print and electronic media, posing serious questions about the LNG import “based on selected data”. The release said the Petroleum Division would like to respond to the questions in the backdrop of legal and contractual issue of LNG import. The…

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Unbundling the wrong way

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…

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