Year: 2020

Russian Lukoil Looks To Boost Its Oil Production In Iraq

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Russia’s second-largest producer, Lukoil, is eager to increase its oil production in Iraq once the production cuts of the OPEC+ group end, Egor Zubarev, Managing Director of Lukoil Mid-East, told Bloomberg. Iraq’s current crude oil production is capped at around 3.6 million barrels per day (bpd) under the OPEC+ pact, but the country needs to make additional deeper cuts by the end of the year to compensate for the lack of compliance with the agreement in previous months. Due to the OPEC+ deal, Iraq told the international oil majors working…

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Iraq Sees Oil Prices Recovering In Q2 2021

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Oil prices are set to recover beginning in the second quarter next year, helping Iraq’s oil industry and its plans to increase production capacity, Iraqi Oil Minister Ihsan Abdul Jabbar said at a virtual conference on Tuesday. Currently, the OPEC+ production cuts are delaying oil projects in Iraq, Jabbar said at the online CWC Iraq Petroleum conference. Next year could be more constructive for oil prices, according to the minister. “I think quarter two, 2021 will be more attractive to every aspect of our business,” Jabbar said, as carried by…

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Oil Poised To Rebound, But What About The Long Term?

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Oil bulls predict demand for oil will snap back quickly as global economic conditions improve. The International Energy Agency (IEA), on the other hand, expects a more muted recovery. Not surprisingly you can find any demand forecast needed for either the bull or bear case. And that’s just for short term price and demand forecasts. Longer term demand forecasts have to reckon with negative factors like the rise of electric vehicles including cars, trucks and buses as well as and the nudges of environmental-social-governance (ESG) investing. In addition, the industry…

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Pakistan will produce gas and diesel from Thar coal

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ISLAMABAD: The government has geared up the process on two projects for turning Thar coal into gas and diesel and in is contact with two Chinese companies — China Ghazuba and China Coal, Special Assistant on Coordination of Marketing & Development of Mineral Resources Shahzad Syed Qasim disclosed this to The News on Monday. “We want to initiate two projects; one on Coal to Gas (CTG) and the other one on Coal to Liquid (CTL) and to this effect we have asked Engro Fertilizer, Fauji Fertilizer and Fatima Fertilizer to…

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SAPM proposes converting PHL’s loans into govt’s capital investment

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ISLAMABAD: Prime Minister’s Special Assistant on Revenue Dr Waqar Masood has reportedly proposed that loans of Power Holding Limited (PHL) should be converted into the government’s capital investment instead of public debt, well informed sources in Finance Ministry told Business Recorder. Dr Waqar Masood was head of subsidy cell in the Finance Division prior to his elevation as SAPM on Revenue. The federal capital is abuzz with speculation that he is now tipped to play a more critical role in economic decision making. The country’s business circles are also discussing…

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