Year: 2020

ISLAMABAD: The government is making its mind to offer more incentives for both oil refinery and marketing sectors with an aim to build strategic petroleum reserves. The prices of kerosene oil, Jet Pilot (JP-1 and JP-8) will be deregulated. In addition, ex-refinery prices and margins on petrol and diesel will also be deregulated in a phased manner, unfolds the draft of the Pakistan Oil Refinery and Marketing Policy 2020 prepared by Petroleum Division. The policy draft is under circulation among the ministries and stakeholders and after getting inputs from them,…

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Rystad Energy is now changing its base-case scenario for oil demand, banking on a second wave of Covid-19. The new assumption for the base case now incorporates a mild second wave of the coronavirus, which will stall the global oil demand recovery. While Europe reopens parts of its economy, triggering an increase in oil demand, increases in the number of coronavirus cases in other large oil consumers, including the United States, Brazil, and India will offset those European increases, according to Rystad. Rystad also added a worst-case scenario—one that sees…

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Spending on oil and gas, and coal is still higher among members of G20 than spending on renewable energy, a data update from the Energy Policy Tracker has revealed. Across the group, since the start of the pandemic, governments had pledged at least $160.95 billion in fossil fuel investments, versus $123.75 billion in renewable energy investment, the tracker, which updates government spending data on energy every week, said. This translates into $35.10 per capita in oil and gas spending, and $26.99 per capita for cleaner energy spending. Most of the…

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In order to mitigate the energy woes in the province of Balochistan, the provincial government has decided to launch major renewable energy projects to meet the power needs. This was stated by Secretary Energy, Balochistan Shehryar Taj, said while talking to local media. The government official informed that over Rs1.64 billion has been allocated for 67 new projects in the energy sector in this year’s annual development program. He said that the process of acquisition of land for construction of energy parks in the province is underway including 5000 acres…

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ISLAMABAD: While ruling out forced load-shedding, Multan Electric Power Company (Mepco) CEO Tahir Mahmood has accused parliamentarians of building pressure for transfer, posting and hiring of people on political grounds. Earlier, Minister for Foreign Affairs Shah Mehmood Qureshi presided over a meeting and expressed dissatisfaction with Mepco’s performance. The Mepco CEO replied that complaints against elected representatives were related to transfer, posting and hiring of people on political grounds. He made the remarks at a public hearing conducted by the National Electric Power Regulatory Authority (Nepra) on excessive load-shedding and…

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