Month: May 2021

CCoE takes up capacity, LNG terminals today

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ISLAMABAD: The government has called a series of back-to-back meetings to facilitate allocation of pipeline capacity and tie-in points to new upcoming liquefied natural gas (LNG) terminals. The issue would be first taken up at the meeting of the Cabinet Committee on Energy (CCoE) on Thursday. To be presided over by Minister for Planning and Development Asad Umar, the CCoE would be given an update by the Ministry of Maritime Affairs (MOMA) on the progress of establishment of new LNG terminals. The MOMA would inform the CCoE that the board…

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Abraaj group sells 523m Byco shares

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KARACHI: A big chunk of 523 million shares in Byco Petroleum Pakistan Ltd was sold on Wednesday by IGCF Oil and Gas Ltd previously called Abraaj Mauritius. Yawar uz zaman, head of research at Pearl Secu­rities, said that the deal — which was in the making for quite some time — was sealed at a price of Rs9.46 per share. The divestment of Byco stock by Abraaj group was 9.8pc out of its 22pc holding in Byco, which the market watchers said was purchased in blocks by local brokers, companies…

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Upcoming ECC meeting likely to review oil refining policy

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The Petroleum Division has asked the Oil and Gas Regulatory Authority (OGRA), Federal Board of Revenue (FBR), Board of Investment (BoI) and secretaries of concerned departments to furnish comments on the proposed new oil refining policy within 15 days for onward submission to the Cabinet Division, Profit learnt on Thursday. According to sources, the next meeting of the federal cabinet’s Economic Coordination Committee (ECC) is likely to take up the summary on the policy. The policy, once approved, will be included in the Finance Bill 2021-22 and will supersede all previous refining…

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Shell shareholders increase pressure for further climate action

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A non-binding resolution submitted by Shell with the support of a large group of investors to vote on its recently unveiled climate strategy won 88.74% shareholder support at its annual general meeting (AGM) which was held online. The plan, announced in February, aims to reduce planet-warming carbon emissions to net zero by 2050 by slowly reducing oil and gas output, growing its renewables and low-carbon business and offsetting emissions through carbon capturing technologies and measures such as forestation. nL1N2KH0LV] Shell CEO Ben Van Beurden said at the AGM that the…

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International Energy Agency (IEA) Says Oil & Gas Exploration And Coal Plant Construction Must Stop. Now.

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The International Energy Agency said the world’s countries must immediately stop exploiting new oil and gas fields and building new coal-fired power plants, if global temperatures are to be kept within safe limits and 2050 net-zero targets are to be met, in a wide-ranging report issued today. This is the first time the leading energy agency, which laid out a roadmap for how to accomplish the dramatic cuts, has called for such dramatic action. “It’s a huge shift in messaging if they’re saying there’s no need to invest in new fossil fuel…

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