Month: January 2021

Pakistan’s brighter future depends upon renewable energy generation projects

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There are two types of energy: renewable and non-renewable. Non-renewable energy includes the resources from coal, gas and oil. They are made by burning fossil fuels to create energy. Renewable energy, often referred to as clean energy, comes from natural resources or processes that are constantly replenished. The renewable energy sources are solar energy, wind energy, hydropower, geothermal energy, and biomass energy. Renewable energy sources make upto 26% of the world’s electricity today, but according to the International Electricity Agency, IEA its share is expected to reach more than 30%…

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Egypt Signs $1 Bn Oil, Gas Exploration Deals

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CAIRO, (UrduPoint / Pakistan Point News / WAM – 02nd Jan, 2021) Egypt’s Minister of Petroleum on Friday said nine $1 bn new oil & gas exploration agreements were signed with local and international companies. The exploration will cover regions in the east and west of the Mediterranean Sea and regional waters of the Red Sea with six large companies for drilling 17 wells, Tarek al-Molla said in a statement. “Egypt seeks luring new international investments in gas and oil exploration, and concluding deals with big companies as a priority,”…

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Oil set for 20% drop in 2020 as lockdowns weigh, market eyes more stimulus

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Global crude oil markets have lost about a fifth of their value in 2020 as strict coronavirus lockdowns paralysed much of the global economy, but prices have rebounded strongly from their lows as governments rolled out stimulus. On Thursday, the last trading day of 2020, Brent was trading down 25 cents, or 0.5%, at $51.38 a barrel, as of 0246 GMT and US West Texas Intermediate (WTI) lost 0.2%, or 11 cents, to $48.29 a barrel. “It is kind of year-end quiet but a weaker dollar is helping keep a…

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LNG Problems and the Road Ahead

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EDITORIAL: It has become painfully clear that no matter how much the government and the opposition try to present their respective sides of the story about all the problems with the Liquefied Natural Gas (LNG) sale-purchase mechanism, the debate only gets murkier and rendered much more difficult for people to decide whether they are being fleeced or facilitated. It is really quite remarkable that representatives of the ruling Pakistan Tehreek-e-Insaf (PTI) and its predecessor in office Pakistani Muslim League-Nawaz (PML-N) can use the same datasets to back two very different…

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After inflicting billions of losses: Petroleum ministry attempts to set right its wrongs!

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ISLAMABAD: After floating tenders very late for purchase of LNG [liquefied natural gas] for the winter season and inflicting billions of losses on the national economy, it seems the petroleum ministry has started making attempts to set right its wrongs, committed in the near past. According to Geo News programme ‘Aaj Shahzeb Khanzada Ke Sath’ on Friday, the ministry published an advertisement in the newspapers on December 31, inviting bids for supply of LNG for the month of April 2021. Earlier, Special Assistant to Prime Minister (SAPM) on Petroleum Nadeem…

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