Month: December 2020

Oil Rallies On OPEC+ Agreement

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Oil prices rallied on Friday morning as OPEC+ finally came to a compromise, with the group unanimously agreeing to add 500,000bpd to January quotas. For Global Energy Alert members there are now two new free reports available in your dashboard. The first of these reports is on how to interpret stock charts and the second outlines the three biggest mistakes made by traders today. Make sure you become a member to read these reports and many more. Friday, December 4th, 2020 Oil prices rose after OPEC+ agreed to partial increases in production beginning in January, preventing a breakdown…

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Fixing the System

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Getting rid of bad governance, mismanagement and corruption would obviously be a huge service to our country. The question is: are we truly committed to this fight? What happens when stories of corruption and mismanagement start coming in but instead of dealing with them, the government resorts to targeting the messenger. As Shahzeb Khanzada has raised time and again on his show on Geo TV, many questions remain unanswered in a long and growing list of mismanaged affairs of governance. One of them is the matter of LNG purchase. It…

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Govt saved $237m through procurement of 41 spot LNG cargoes: PD

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ISLAMABAD: The Petroleum Division (PD) on Thursday said the government had procured 41 spot liquefied natural gas (LNG) cargoes, during the last 27 months, on average of below 12 percent Brent that helped save $237 million. The PD shared these details in a press statement after some media reports alleged mismanagement in the spot buying, terming them “based on false assumptions and incomplete facts.” The PD said the first query, in the media reports, pertained to the LNG procurement to run both terminals in full capacity and import of six…

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Pakistani project wins award for shielding villages from natural disasters

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A project that combines satellite images, mapping technologies and the local knowledge of villagers to help build climate-proof settlements in disaster-prone areas of Pakistan won an international award on Thursday. More than 1 million people have benefited from the Aga Khan Agency for Habitat (AKAH) Pakistan project, which was a gold prize winner at the World Habitat Awards that are organised with the United Nations housing agency (UN-Habitat). AKAH has trained about 50,000 residents to better protect their villages from disasters in the mountainous northern areas which are vulnerable to…

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ECC defers subsidy for industries

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ISLAMABAD: The cabinet’s economic decision-making body on Thursday did not approve a subsidy of Rs9.5 billion under the prime minister’s industrial package that the Power Division sought to pick the difference between peak and off-peak electricity rates. The Economic Coordination Committee (ECC) of the cabinet was not sure about the base of the Rs9.5 billion subsidy claim for the period November 1, 2020 to April 30, 2021 while some of its members forcefully opposed any subsidy, official sources told The Express Tribune. Electricity will be sold to industrial consumers at…

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