Month: December 2020

Pakistan petrol crisis: Inquiry commission termed “controversial”

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ISLAMABAD: The Petroleum Division is unhappy with inquiry commission investigating Pakistan’s petrol crisis. They have called the commission “controversial”. In a response to last week’s report by the inquiry commission, the petroleum division expressed its dissatisfaction over the commission’s members. The inquiry commission’s report on the petrol crisisThe five-member Inquiry Commission, headed by FIA Additional Director-General Abubakar Khudabaksh, has recommended strict action against the Petroleum Division secretary, Oil DG, Ogra and private oil marketing companies (OMCs). The commission’s report also asked for dissolution of Oil and Gas Regulatory Authority (Ogra)…

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Abu Dhabi secures funding to build world’s largest solar power plant

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DUBAI: The Abu Dhabi National Energy Co. (TAQA) on Tuesday announced it has secured funding to build the world’s largest solar power plant.The successful financial closing of Al-Dhafra Solar Photovoltaic (PV) Independent Power Producer (IPP) project was achieved alongside TAQA’s partners Masdar, EDF Renewables and JinkoPower. The plant will be located around 35km from Abu Dhabi city, will have capacity of 2 gigawatts (GW) and will supply power to the Emirates Water and Electricity Co. (EWEC).When complete, Al-Dhafra Solar PV IPP will be the world’s largest single-site solar power plant,…

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Punjab Thermal Power signs Rs100bn financing deal with banks’ consortium

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LAHORE: The signing ceremony of Rs100 billion financing agreement between the Punjab Thermal Power (Pvt) Ltd and a consortium of six banks, for enhancing capacity upto 1,263 megawatt, was held at a hotel on Thursday. Provincial Secretary Finance Abdullah Sumbal signed the agreement in the presence of Chief Minister Sardar Usman Buzdar. Addressing the ceremony, the CM termed the agreement the largest sovereign guarantee in the history of the country and congratulated provincial ministers Hashim Jawan Bakht, Dr Akhtar Malik and others. GSA and PPA agreements had been signed despite…

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OPEC+ Plans To Meet More Frequently To Discuss Oil Market Balancing

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OPEC+ will take a more hands-on approach to global oil markets now that it plans to meet more frequently, Bloomberg has reported, citing the leaders of the group, Saudi Arabia and Russia. “We are meeting monthly because we believe that the market is still not recovered and is still extremely volatile,” Russian Deputy Prime Minister and former Energy Minister Alexander Novak said. “We need to adopt a hands-on approach and be able to react faster.” This denser meeting schedule will also help OPEC+ get the upperhand in directing oil markets…

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PetroChina Makes Huge Gas Find

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PetroChina discovered a natural gas field with reserves in excess of 100 billion cubic meters, Chinese states news agency Xinhua reported this weekend. The agency cited a company official who said the field could produce 610,000 cubic meters of gas plus 106.3 cubic meters of crude oil daily. “The discovery marks a major breakthrough in gas exploration in the southern rim of the Junggar Basin, which will further guarantee the gas supply of our company and contribute to the stability and prosperity of the region,” Huo Jin, general manager of…

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