Month: December 2020

Govt procures LNG at four-year lowest rate

Admin

ISLAMABAD-The Petroleum Division (PD) on Sunday shared a comparative statement about the purchase of Liquefied Natural Gas (LNG) for a period from December-2017 to January-2021, which showed the government procured the commodity at the lowest rate for the current and next months. According to the statement placed on the official Twitter account of the Petroleum Division, the government procured as many as 12 and 11 LNG cargoes for the months of December-2020 and January-2021 at the average cost of $ 6.35 and $ 6.34 per MMBTU (Million British Thermal Unit),…

Read More

Oil tanker ‘attacked by bomb-laden boat’ in Jeddah, Saudi Arabia says

Admin

Saudi Arabia says an oil tanker was attacked by an explosive-laden boat while it was anchored at Jeddah’s port. The overnight attack at the facility’s fuel terminal resulted in a small fire on board that was extinguished, the energy ministry told state media. The owner of a Singapore-flagged tanker, BW Rhine, earlier said that it had been “hit from an external source”, causing a blast that damaged its hull. The energy ministry did not say who it suspected was responsible. But the incident comes weeks after what Saudi authorities previously…

Read More

Pakistan Decides Against New Coal-fired Power

Admin

ISLAMABAD – Pakistan Prime Minister Imran Khan announced Saturday that his country would have no new coal-fired power generation as part of its contribution in global efforts against climate change. Khan gave details of the substantial undertaking while addressing the international Climate Ambition Summit 2020, held virtually because of the coronavirus pandemic. The United Nations, United Kingdom, France, Chile and Italy hosted the event, bringing world leaders together to press for greater efforts in curbing global warming. “We have decided we will not have any more power based on coal,”…

Read More

Heavy agenda awaits ECC meeting on 16th

Admin

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet, expected to meet on Wednesday, would be taking up a heavy agenda, including $200 million rupee-linked offshore bonds, revised markup rates on federal loans for provinces and public sector entities, the Rs739 billion Karachi Transformation Plan (KTP) and the first phase of the rationalisation plan for federal subsidies. Informed sources told Dawn that newly appointed Finance Minister Dr Hafeez Shaikh had been assured by the prime minister at a weekend meeting that the Revenue Division would be restored to his portfolio. As a…

Read More

Don’t Count Out The U.S. Oil & Gas Industry Just Yet

Admin

On one hand, the energy transition is real and here to stay. On the other hand, there are 280 million cars on the road in the U.S. today, 279 million of them running on oil, and the average lifespan of a vehicle is 12 years,” Bob Maguire, managing director of Carlyle Group, October 2020. For the U.S. oil & gas industry, the struggle through Covid-19 might just be the “most unique year ever.” Thus, with the global economy set to contract 4.4% this year, extrapolating current problems into mid- and…

Read More