Month: February 2021

Traders, including Trafigura, supply Mexico with emergency LNG – sources

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MEXICO CITY/NEW YORK (Reuters) – Oil trading firms, including Trafigura, are supplying Mexico with emergency cargoes of liquefied natural gas (LNG) to overcome a power crisis caused by interrupted U.S. natural gas supplies, three sources close to the purchases said. Mexico’s state-run power company Comision Federal de Electricidad (CFE) last week resorted to LNG imports as natural gas supplies from the southern United States, especially neighboring Texas, were hit by frozen pipelines and rocketing prices caused by a cold snap. The trading companies were able to divert LNG cargoes going…

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Reon announces completion of solar project

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Reon Energy Limited on Monday announced completion of its 3.73MW captive solar power project for G&T Group in Karachi and Balochistan. The solar photovoltaic plant is the largest bi-facial PV rooftops in the country. The 3.73MW photovoltaic project is expected to produce approximately 6,152MWh (megawatt hours) annually. The project is dispersed across several locations, including Gatron in Hub, Mustaqim Dyeing and Printing at SITE and Nooriabad and Novatex in Landhi. The energy will be used on-site, reducing gas consumption and avoiding around 3780 tons of CO2 equivalent emissions during the…

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Scatec and Nizam Energy close financing for solar plant in Pakistan

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Renewable developer Scatec and local partner Nizam Energy have secured a $100m financial closure for a solar project in Pakistan. The closure comes after the Dutch development bank FMO, Faysal Bank, Bank of Punjab, and PAK Kuwait Investment signed credit agreements for the non-recourse debt financing agreement. The credit facilities will cover up to 75% of the total cost of the 150MW Sukkur project. Scatec and Nizam Energy intend to start construction within the first half of this year. Scatec CEO Raymond Carlsen said: “We are proud to complete the…

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Pakistan attracts over 50% of BRI’s renewable

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he Green Belt and Road Initiative Center has released China BRI Investment Report 2020 which says overall Pakistan attracted more than 50% of renewable energy investments (47% of which in hydropower). According to Gwadar Pro, the highlights of this report is that renewable energy investments (solar, wind, hydro) constitute the majority of Chinese overseas energy investments – increasing their share from 38% in 2019 to 57% in 2020. The report also points out Pakistan has been benefited in eco-friendly and economic respects by BRI investment. Among the BRI countries, investments…

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Power generation up 4pc in Jan

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KARACHI: Total electric power generation in January 2021 surged 4.0 percent to 8,079GWh compared with 7,794GWh in January 2020, data issued by National Electric Power Regulatory Authority (NEPRA) suggested on Monday. “In light of the shortage of domestic natural gas and the surge in RLNG prices globally, the return of furnace oil (FO) in Pakistan’s power sector was not only expected but inevitable, as it climbed the merit order list,” Ali Zaidi at JS Global Capital said. FO-based production jumped nearly 22 percent to 974GWh in January 2021 from 801GWh…

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