Month: December 2020

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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OMCs Made Rs8b During Petrol Crisis: Inquiry Report

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ISLAMABAD: A commission of inquiry formed in July this year to probe into a sudden shortage of petrol in the country has noted that one of the reasons behind the crisis was a lack of coordination among the departments working under the Petroleum Division. This is revealed in a report of the Federal Investigation Agency (FIA) led inquiry panel. The commission has submitted its report to Prime Minister Imran Khan who has asked the relevant officials to present it before the federal cabinet in its meeting to be held on…

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Power generation: FO out for now

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Power generation on the NTDC system increased by 7 percent year-on-year for October 2020 at 10.2 billion units, taking the 4MFY20 generation higher by 3 percent year-on-year. As anticipated and flagged earlier in this space, furnace oil is gradually being withdrawn as the demand cools down. Recall that FO and HSD based power generation has increased by a massive 34 percent year-on-year in 4MFY20, taking 6 percent of the pie. While 6 percent of the pie may not be huge, considering FO used to be north of 20 percent till…

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Cabinet to Mull SNGPL MD Hiring

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ISLAMABAD: Sui Northern Gas Pipelines Limited (SNGPL) board of directors has turned down reports of intelligence agencies and has recommended the same candidates for appointment as head of the public utility. Earlier, the Prime Minister’s Office had sought report of intelligence agencies on the credentials and financial integrity of existing SNGPL Acting Managing Director Amer Tufail and SNGPL General Manager Sohail Gulzar. Negative reports had revealed issues of nepotism and financial integrity of these two officials respectively. The PM Office also asked the Petroleum Division in January this year to…

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