Day: November 29, 2020

Oil fell from an eight-month high as cracks appear among some OPEC+ members days before a key policy meeting to discuss delaying the end of output curbs. Futures fell 1.6% in New York. Iraq’s deputy leader this week criticized OPEC, saying the economic and political conditions of member countries should be considered before they are asked to withhold production. OPEC’s president said Thursday the group must remain cautious, with internal data pointing to the risk of a new oil surplus early next year. Most of the production that was cut…

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KARACHI, (APP – UrduPoint / Pakistan Point News – 27th Nov, 2020 ) :VIS Credit Rating Company Limited has reaffirmed the entity ratings of PGP Consortium Limited at single A minus/A-two and triple B of its preference shares on ‘rating watch-developing’ status. The medium to long-term rating of ‘A-‘ signifies good credit quality with strong protection factors. Moreover, risk factors may vary with possible changes in economy. The short-term rating of ‘A-2’ denotes good certainty of timely payments coupled with sound liquidity and company fundamentals, said release on Friday. The…

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ISLAMABAD: With the view to cope with gas shortfall, the government has decided to close down the RLNG supply to captive power plants (CPPs) for two months of December and January to attain 70 mmcfd gas for 60 days but, in return, the industry will be provided electricity at 7.5 cents per unit. Industry will be provided reduced tariff against the electricity that it was getting through captive power plants. “This issue has been agitated in the Cabinet Committee on Energy (CCoE) that met on Thursday and in the meeting…

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BEIJING (AFP) – China has powered up its first domestically developed nuclear reactor — the Hualong One — a significant step in Beijing’s attempts to become less dependent on Western allies for energy security and critical technology. The reactor, which was connected to the national grid on Friday, can generate 10 billion kilowatt-hours of electricity each year and cut carbon emissions by 8.16 million tons, according to China National Nuclear Corporation (CNNC). “This marks China breaking the monopoly of foreign nuclear power technology and officially entering the technology’s first batch…

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EDITORIAL: Prime Minister Imran Khan while addressing the World Economic Forum (WEF)-sponsored Country Strategy Dialogue on Pakistan stated that expensive energy is Pakistan’s “biggest” problem – 25 percent more expensive than in neighbouring India. The Khan administration should be given credit for the Memoranda of Understanding (MoUs) signed with Independent Power Producers (IPPs) that would reduce the negative impact of the financially crippling contracts on end consumers, industrial, commercial and householders – contracts signed by previous governments. It is also not in question that the PPP-led coalition government (2008-13) and…

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