Month: December 2020

Oil Jumps On Significant Crude Inventory Draw

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Crude oil prices rose further today after the Energy Information Administration reported an oil inventory draw of 6.1 million barrels for the week to December 25. A day earlier, the American Petroleum Institute also helped boost prices by estimating a crude oil inventory decline of 4.785 million barrels for the same week. Last week, the EIA had estimated a modest inventory decline, to the tune of 600,000 barrels, which nevertheless helped prices continue higher as it coincided with positive vaccine updates that traders linked to an anticipated demand improvement next…

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Bhutta Appointed chairman of PPIB, AEDB boards

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ISLAMABAD: The Federal Cabinet has appointed Secretary Power Division, Ali Raza Bhutta as Chairman of the Boards of Private Power Infrastructure Board (PPIB) and Alternative Energy Development Board (AEDB), as Minister for Power, Omar Ayub Khan has tendered his resignation as ex-officio Chairman of the Boards, official sources told Business Recorder. Sources said that Power Division informed the Cabinet on December 22, 2020 that the Minister for Energy, referring to his discussion with the Federal Minister for Law and Justice Division during a Cabinet meeting, had tendered his resignation from…

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LNG scam: NAB opens new inquiry against Khaqan Abbasi

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ISLAMABAD: The National Accountability Bureau (NAB) has started another inquiry against former prime minister Shahid Khaqan Abbasi in an alleged multi-billion LNG scam. The bureau served a notice on Abbasi on Tuesday, asking him to appear before its investigation team on Jan 10, 2021. “The inquiry has revealed that you [Abbasi] remained minister for Petroleum and Natural Resources and prime minister of Pakistan, involved in selection and appointment of Adnan Gilani to Pakistan LNG Limited as chief operating officer and subsequently as chief executive officer during 2013-2018 period, which related…

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11 Wind Project Likely To Start Supplying 660 MW By Dec 2021

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Around 11 wind projects with cumulative capacity of 660 MW had already achieved financial closing and are likely to start generation by December 2021. Sharing the details of these projects, official sources told that these were included 50 MW Master Green Energy Ltd, 50 MW Tricom Wind Power Pvt Ltd, 50 MW Lakeside Energy Pvt. Ltd, 50 MW Artistic Wind Power Ltd and 50 MW Liberty Wind Power 1 Pvt Ltd. Similarly, 50 MW Indus Wind Energy Ltd, 50 MW Master Green Energy Ltd, 50 MW ACT2 Wind Pvt Ltd,…

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Check-Posts Against white collar crimes

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First, the medicine prices went through the roof. Next, it was the turn of Atta (wheat flour) and sugar prices, followed by “artificial shortage” of oil at a time when there was a global glut of oil as demand fell because of Covid-19. Shortage of gas has made the winter doubly unbearable and rising cost of power is having a disruptive influence on the overall economy. And the burgeoning circular debt has turned into a perennial problem with the government seemingly having no idea how to control it. Meanwhile, smuggled…

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