Big Oil Eyes Wave Of Buybacks After Blowout Earnings

Crude oil futures have rallied to their highest finish in months, with WTI price climbing above $65 for the first time in two months after OPEC+ stuck with plans to gradually ease production curbs, signaling confidence in the demand outlook. The optimism has coincided with a breakout season for the S&P 500, with the Energy Sector (XLE) being particularly impressive. Indeed, the fossil fuel sector is enjoying a rare blowout season. The majority of companies in the energy sector have beat Wall Street earnings estimates, while more than 80% have managed to surpass…

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Investing in coal power would be an expensive mistake

Wherever you are on the planet, the last 12 months have been very difficult.In seeking the strongest economic recovery from the pandemic, it is understandable that many on the centre-right in particular want to focus on boosting existing industries. But when it comes to the energy sources of the future, investing in coal power would be an expensive mistake, not just for the environment but for the economy too. Morrison government to pledge another $58.6m to ‘gas-fired recovery’ in budgetRead moreThe environmental case against coal has been well known for…

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US Seeks To Challenge China On Rare-Earth Elements, Key Ingredients In Biden’s Energy Plan

But China’s near monopoly on the materials could be the biggest challenge to Biden’s plans. “China occupies 80% of production, and their internal demands are outstripping their supply,” Defense Metal CEO Craig Taylor told FOX Business on Thursday. “That leaves the West really behind if we don’t get it together and start funding these projects.” China has invested at least $60 billion to support its electric vehicle industry, CNBC reported in March. And U.S. EV giant Tesla built its first overseas factory near Shanghai in 2020 to secure a foothold…

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Plan to increase capacity to regasify LNG in jeopardy

The business plan of Engro Elengy Terminal Private Limited (EETPL) to increase its capacity to regasify LNG is in jeopardy as SSGC has opposed it on account of host of reasons, including the NAB’s investigation into the ‘illegal award of contract’ of the LNG terminal-1 to EETPL. Unless and until the NAB clears EETPL from its investigation on illegal award of contract of LNG Terminal-1, it cannot be allowed to implement its business plan to increase its capacity to regasify LNG and market the additional capacity to interested private parties…

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Economic turn-around?

The first 1,000 days of Prime Minister Imran Khan’s government have been eventful. The economy went into a recession last year with the outbreak of the pandemic and continues to suffer from high food prices and a rising cost of living. The new finance minister has been a vocal critic of the government’s handling of the economy and wants to renegotiate the $6 billion Extended Fund Facility (EFF) of the International Monetary Fund (IMF). Even before the Covid-19 pandemic hit the world economy, Pakistan had already started a painful adjustment…

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Dr Yasmin Rashid of Pakistan: the minister extraordinaire

I remember meeting Dr Yasmin Rashid, Punjab Minister of Primary and Secondary Healthcare in March 2020 at the office of Chief Minister Usman Buzdar in Lahore. A big smile on her face, she was talking to different groups of journalists as she walked through the room before the commencement of the Chief Minister-headed meeting on the coronavirus-related SOPs and the lockdown in Punjab. Answering a question, Dr Rashid cheerfully remarked how young people should not complain of being overworked as she at the age of 71 was working impossibly long…

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Energy puzzle

The macroeconomic focus is clearly transitioning to growth. To make it sustainable, the energy sector puzzle needs to be resolved. There will be no eureka moment as there are many dimensions. All these are required to be dealt with simultaneously. Power ministry alone cannot achieve all the results. But the role of finance ministry is imperative since most of the energy issues are financial – it is a fiscal issue. Earlier, finance ministry was not taking ownership, but Shaukat Tarin must lead from the front. It seems that he is…

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Power generation goes up – just

The needle finally seems to be moving on the electricity consumption front. Before going all jubilant, mind you, this comes with caveats. First things first, the cumulative power generation of the national grid delivered to the distribution companies has increased by 4.7 percent year-on-year in the 9-month period of the fiscal year so far. What is also encouraging is the fact that electricity generation by March 2021 end recorded the highest ever 12-month moving average at 10.5 billion units. The previous high was recorded in February 2020 as the demand…

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Egyptian electrical giant acquires Pakistani transformers manufacturer

Elsewedy Electric, an Egyptian multinational electrical company has entered the Asian market with the acquisition of a Pakistani electric power transformers company. In a statement to the Egyptian Stock Exchange (EGX), Elsewedy informed that it has acquired 100 percent of Validus Engineering PVT LTD, a company that manufactures electric power transformers in Pakistan, reported Daily News Egypt. The multi-billion dollar company said that it plans to introduce its power inverters technology to boost the growth of the Pakistani company, in order to reach a production capacity of 5,500 MW. Furthermore, the…

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Riyadh to provide $500m to Pakistan for development projects

ISLAMABAD: Pakistan and Saudi Arabia have agreed to give strategic direction to their ties through the Saudi-Pakistan Supreme Coordination Council (SP-SCC) by strengthening and diversifying existing bilateral cooperation in different fields. For this purpose, the Saudi Development Fund will finance projects worth $500 million, according to the spokesperson for the Ministry of Foreign Affairs. The projects to be launched under this initiative will pertain to the sectors of energy, hydropower generation, infrastructure, transport, communication and water resource development. The SP-SCC, which will be co-chaired by Saudi Crown Prince Mohammad bin…

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