An oil tanker was damaged in the Red Sea near Saudi Arabia after a mine exploded on Wednesday, the Associated Press reported, citing the tanker’s operator and a maritime security company. The MT Agrari oil tanker, managed by a Greek company and flying a Maltese flag, was damaged by a mine off the Saudi city of Shuqaiq near Yemen. “Their…
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Baker Hughes reported on Wednesday that the number of oil rigs in the United States rose by 10 to 241, resuming its climb after a one-week decline last week. The total number of active oil and gas rigs increased for the week by 10, with oil rigs increasing by 10 and gas rigs rising by 1. Miscellaneous rigs fell by…
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ISLAMABAD: Independent Power Producers (IPPs) Tuesday reportedly refused to accept federal government’s proposed payment of Rs400 billion in three years, terming it as violation of already signed Memorandum of Understandings (MoUs), well-informed sources told Business Recorder. The government’s team comprising Special Assistant to the Prime Minister on Power, Tabish Gohar, Federal Land Commission Chairman Babar Yaqoob Fateh Muhammad Secretary Power,…
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The Mari Petroleum Company Limited (MPCL) has entered into a joint venture arrangement with a number of companies to undertake potential mining projects in the Province of Balochistan. As per the company, MPCL has entered into an agreement with Y.B. Pakistan Limited, Arif Habib Equity (Private) Limited, Liberty Mills Limited, and Reliance Commodities (Private) Limited pertaining to a joint venture…
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A total of 37 percent of oil and gas companies in Canada resorted to permanent layoffs due to the pandemic-driven oil price and oil demand slump, a recent survey of energy labor market organization PetroLMI showed. The energy firms in Canada launched measures to reduce labor costs across their organizations, according to the survey of energy workers and executives carried…
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Global investors managing nearly $7tn (£5.2bn) of assets plan to almost double their spending on renewable energy infrastructure over the next five years amid deepening concerns over the fossil fuel industry’s climate plans, according to a report. A survey of institutional investors found that they are planning to increase their renewable energy investments from 4.2% of their overall portfolio to…
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