Major Metals Producer Pivots To Renewables

Australia-based iron ore giant Fortescue Metals Group Ltd plans to start producing renewable energy from wind, solar, hydrogen, and ammonia in 2022 or 2023, with an ultimate goal to have as much as 236 gigawatts (GW) of clean energy capacity, founder and chairman Andrew Forrest told Bloomberg in an interview on Monday. Fortescue Metals Group, set up in 2003, currently exports 175 million tons to 180 million tons of iron ore annually, and, according to Bloomberg, the firm is the world’s fourth-largest exporter of iron ore. Fortescue Metals Group plans…

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Libya’s Oil Company Clashes With Central Bank Over Earnings

Libya’s National Oil Corporation (NOC) will not be transferring the revenues from crude oil sales to the Central Bank of Libya until the bank adopts transparent policies on the spending of those revenues, the Libyan state oil firm said on Monday. NOC was responding to a statement from last week from the Central Bank, which, the oil firm says, provided false and misleading figures about the revenues and expenditures between January and October this year. According to NOC, the state oil firm deposited US$3.7 billion to the central bank in…

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Qatar Energy Exports Crash By 39%

Qatar’s total exports dropped by 35.5 percent year over year in the third quarter, dragged down by a 38.5-percent slump in exports of energy commodities and products, one of the biggest exporters of liquefied natural gas (LNG) in the world said on Sunday. The value of total Qatari exports in Q3 declined to US$11.3 billion (41.1 billion Qatari rial), down by 35.5 percent compared to the third quarter of 2019, the country’s Planning and Statistics Authority said in a statement. The main reason for the drop in exports was the…

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Is This The Beginning Of The End For The Iran Nuclear Deal?

The German government says the foreign ministers of Britain, France, and Germany are meeting in Berlin on November 23 for talks focusing on the 2015 nuclear deal with Iran, days after the UN’s atomic watchdog said Tehran had again breached the agreement. “Together with our partners, we strongly call on Iran to stop violating the deal and return to fulfilling all its nuclear obligations completely,” a German government spokeswoman said on November 23. The meeting between German Foreign Minister Heiko Maas and his British and French counterparts, Dominic Raab and…

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Faltering Oil Demand Is Wreaking Havoc On The Tanker Industry

Tanker owners had a blast in the spring: nations around the world went into lockdown, oil demand slumped, and hundreds of millions of barrels of excessive supply had to be stashed somewhere—offshore. Now, tanker rates are plummeting, and while industry insiders believe there is a light at the end of the tunnel, it is a long tunnel. The tanker market is in “cash burn mode”, said the chief executive of Diamond S Shipping, as quoted by Lloyd’s List. The amount of oil in floating storage has fallen significantly since this…

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Pakistan Stream Gas Pipeline Project: Pak-Russia Strategic Partnership

Flagship project of Pak-Russia strategic partnership has been inked last week when a deal was signed for laying the Pakistan Stream Gas Pipeline (PSGP), formerly known as North South Gas Pipeline. Since indigenously produced natural gas contributes only 38% to Pakistan’s energy supply, huge shortfall is bridged by importing gas, especially during demand peaks in winter. Global paradigm is shifting from unipolar era to multipolar scenario. Coming a long way from foes of Cold War to friends of today, Pakistan and Russia have entered into a mutually-beneficial relationship. The project…

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Supreme Petroleum Council Announces New Oil Discovery Of 22 Billion Barrels Of Non-conventional, Recoverable Crude Oil In Emirate Of Abu Dhabi

ABU DHABI, (UrduPoint / Pakistan Point News / WAM – 22nd Nov, 2020) The Supreme Petroleum Council (SPC) announced today the discovery of substantial recoverable unconventional oil resources located onshore, estimated at 22 billion stock tank barrels (STB), and an increase in conventional oil reserves of 2 billion STB in the Emirate of Abu Dhabi. The announcements were made following the SPC meeting presided over by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces and Vice-Chairman of the SPC. At the meeting, the SPC approved ADNOC’s capital expenditure…

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SBP announces monetary policy, keeps rate unchanged at 7%

The State Bank of Pakistan (SBP) announced its bi-monthly monetary policy on Monday and decided to maintain its policy rate at 7%,  according to a statement issued by the bank. The Monetary Policy Committee (MPC) noted that since its last meeting in September 2020, domestic recovery has gradually gained traction in line with expectations for growth of slightly above 2% in the fiscal year 2021. The statement added that business sentiment has also improved in the country. Per the statement, the recent surge in COVID-19 cases across Pakistan, as well…

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Pakistan’s Oil Imports Fall By 24.56pc In Four Months

Pakistan’s oil imports declined by 24.56 percent in first four months (July to October) of the current fiscal year, easing pressure on the country’s foreign exchange reserves. The country’s oil imports were recorded at $3.15 billion in July to October period of 2020-21 as compared to $4.18 billion in corresponding period of the last year, showing decline of 24.56 percent, according to the latest data of Pakistan Bureau of Statistics (PBS). The reduction in oil imports is helping in easing pressure on the country’s foreign exchange reserves. The total liquid…

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Ogra to approach third party for gas meter testing

ISLAMABAD: Amid demand by gas utilities for increase in their prescribed price and meter rent by up to 123 per cent and 100pc, respectively, the Oil & Gas Regulatory Authority (Ogra) has decided to have testing of gas meters by independent third party, instead of gas companies themselves. The Ogra would be taking up on Monday (today) at a public hearing the petition filed by Sui Southern Gas Company (SSGCL) for Rs79 per million British Thermal Unit (MMBTU) or about 11pc increase in its prescribed price to meet its estimated…

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