Month: December 2020

Pakistan to Start Building LNG Pipeline with Russia in July

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Pakistan will start building a 1,100 kilometer (684 miles) pipeline in July with Russia that will allow the South Asian nation to operate more liquefied natural gas terminals. The South Asian nation will have a majority share of 51% to 74% in the project, while Russia will own the remainder, Nadeem Babar, petroleum adviser to the prime minister, said in an interview on Dec. 14. Pakistan’s gas distribution companies Sui Southern Gas Co. and Sui Northern Gas Pipelines Ltd., which have started acquiring land for the pipeline, will be a…

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KE CEO, Others Acquitted in Electrocution Case

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A local court acquitted the K-Electric CEO and four others on Monday in a case pertaining to a citizen being electrocuted to death at a KE substation in Defence Housing Authority during the monsoon rains this year. An additional district and sessions judge was hearing the case against KE CEO Moonis Alvi and four others at Karachi City Court. The police submitted a report to change the status of the case to C-Class. According to the report, the parties have reached a settlement outside the court and the complainant no…

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LNG crisis: Petroleum Division puts blame on media

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ISLAMABAD: After failure to get bids for three LNG cargoes required in the first 18 days of the next month on Thursday, the Petroleum Division (PD) has swung into action to overcome the expected gas deficit in the first half of January. In this regard, here on Friday it floated an urgent tender seeking bids for LNG cargoes to avert the crisis. Thebids will be opened on Monday next (December 14), a senior official privy to the latest development told The News. Under the urgent tender mode, the government never…

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Exxon Mobil to lower gas emission level

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Oil major Exxon Mobil Corp said on Monday it planned to reduce its greenhouse gas emissions over the next five years, as investors and climate change campaigners ratchet up the pressure for action to limit global warming. The move comes after the Church Commissioners for England on Thursday joined growing investor campaigns to demand changes at Exxon and backed calls for a board refresh and the development of a strategy for the US oil company’s transition to cleaner fuels. Exxon on Monday said it would reduce the intensity of operated…

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Emergency bidding for January LNG cargoes attracts record high prices

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ISLAMABAD: The second attempt by Pakistan authorities to arrange import of liquefied natural gas (LNG) in January through emergency bidding has attracted record high prices. In a desperate attempt to fill the gap arising out of no bids for LNG vessels between Jan 8-18, the government exercised emergency clauses of the procurement rules to allow Pakistan LNG Limited (PLL) for the second bid. In response, two bidders submitted bids for first January 8-9 window. This included the lowest bid of $15.28 per million British thermal unit (mmBtu) from DXT Commodities…

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