Month: April 2021

Solar industry needs special tax regime for energy independence of Pakistan

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The solar industry in Pakistan deserves a special and viable tax regime to enable it to unlock its true potential and to help the country in its drive to become self-reliant and independent in the energy sector with the least harm to the environment. This demand was made by the representatives of the solar industry who participated in the webinar organised by the Energy Update. The webinar was organised to discuss the issues of the taxation system and standardization of the products of the solar industry in Pakistan. Participating in…

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Oil Refiners Vs. Biofuels Clash Ends Up In Supreme Court

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The U.S. Supreme Court is hearing oral argument on Tuesday in a case that has pitted the oil industry and the corn lobby for years—whether refiners can obtain exemptions from blending ethanol in gasoline and diesel under the Renewable Fuel Standard. Under the Renewable Fuel Standard (RFS), oil refiners are required to blend growing amounts of renewable fuels into gasoline and diesel. Refiners that don’t have the infrastructure to blend biofuels must purchase tradeable blending credits known as Renewable Identification Numbers, or RINs. The Environmental Protection Agency (EPA) has the…

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Canada’s Oil Sands In Trouble As COVID Cases Soar

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The northern parts of Canada’s province of Alberta have seen rising coronavirus cases in recent weeks with several oil sands sites becoming hot spots of outbreaks as workers are flying in and out for maintenance at the crude upgraders. The high active COVID cases have not impacted production in the Canadian oil patch, but some maintenance work has been stretched because of the outbreaks, industry officials told Bloomberg. According to data from Alberta Health at the start of this week, cited by CBC News, there were as many as 12…

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BP Resumes Buybacks After Q1 Profit Triples

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BP (NYSE: BP) is resuming share buybacks this quarter after more than tripling its first-quarter earnings from a year ago on the back of rising oil prices and “exceptional gas marketing and trading performance,” the UK-based supermajor said on Tuesday. BP kicked off today Big Oil’s Q1 earnings season, reporting underlying replacement cost profit—its proxy for net profit—of $2.63 billion, up from $791 million for the first quarter of last year and from just $115 million for the fourth quarter of 2020. “This result was driven by an exceptional gas…

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Egypt Restarts Major LNG Project On Rising Demand

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In the late 90s of the previous century and early years of this century, Egypt in collaboration with international partners started the development of its LNG sector. This resulted in the Idku and Damietta plants with a capacity of 7.2 and 5.3 mtpa, respectively. However, the availability of feed gas evaporated overnight when domestic demand rose strongly until 2012 and the two LNG plants came to a standstill. Egypt’s fortunes have improved markedly the last couple of years resulting in Idku’s restart. Now, also, Damietta has started working after almost…

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