Day: December 3, 2020

Saudi Oil Exports To U.S. Slump To 35-Year Low

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Saudi Arabia’s crude oil exports to the United States fell to the lowest in 35 years in October, averaging less than 100,000 bpd, Bloomberg reported, citing preliminary and historical data from the Energy Information Administration. In the week to November 27 alone, the volume of Saudi oil shipments to the U.S. fell to as little as 73,000 bpd. The average daily volume for October beat another low, recorded for August, at 177,000 bpd, as OPEC’s top producer and exporter tried to tighten crude oil supply amid plummeting prices. To compare,…

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Lithuanians Urged To Stockpile Food Amid Reports Of Nuclear Power Incident

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Days after reports emerged that the newly opened Belarus nuclear power plant suffered an incident, authorities in neighboring Lithuania told the Baltic country’s population on Thursday to stock up on food in case of an incident at the nuclear power facility in Belarus, which is just 30 miles away from Lithuania’s capital city Vilnius. “We recommend that the population create a stock of essential products for three days,” Mindaugas Bayarunas, a representative of the Ministry of Internal Affairs of Lithuania, said on the national radio on Thursday, as carried by…

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Saudi Wealth Fund Looks For $7 Billion Loan For ‘’Opportunistic Investments’’

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The Public Investment Fund, the sovereign wealth fund of the world’s largest oil exporter Saudi Arabia, has contacted international banks for a loan of up to US$7 billion to use for new investments, Bloomberg reported on Thursday, citing sources with knowledge of the plans. The Public Investment Fund (PIF), as the wealth fund is officially known, aims to be one of the world’s biggest sovereign wealth funds through investments in and outside Saudi Arabia. It is also a key investment vehicle for the Saudi plan to diversify its economy away…

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Govt-IPPs MoUs Granted Cabinet Sanction

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ISLAMABAD: The Federal Cabinet has granted “explicit” approval to the Memoranda of Understanding (MoUs) signed between four dozen Independent Power Producers (IPPs) and Government of Pakistan (GoP) to be converted into agreements, well-informed sources told Business Recorder. The government’s team has already started talks with the IPPs on the language of draft agreements aimed at finalising the pacts for final approval of the Cabinet. However, disagreement was witnessed between the IPPs and the government’s team on mode and duration of payment. On November 26, 2020, the CCoE was informed that…

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NEPRA Approves Reduction in Industrial Tariff

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ISLAMABAD: In line with the prime minister’s promise to the small & medium industries, the National Electric Power Regulatory Authority (NEPRA) has decided to decrease industrial tariff by Rs4.96 per unit. According to NEPRA, the commercial electricity price for small industries has been reduced from Rs12.96 to Rs8 per unit, effective from November 1, 2020. The new tariff, which is for entire country except Karachi, will be applicable for a period of eight months, till June 30, 2021. Sources in the power sector informed that NEPRA has forwarded its decision to…

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