Month: June 2021

Chevron Corporation CVX CFO Pierre Breber recently stated at a Reuters conference that the firm has no intentions to downsize its oil and gas operations in favor of wind and solar energy. Breber said during the press meet that the firm will spend $3 billion over the next seven years on technology to eliminate hazardous emissions from its activities instead of investing in renewable energy sources, such as wind or solar power. Notably, in May, almost 61% of the currently Zacks Rank #3 (Hold) Chevron’s shareholders voted in favor of…

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The local steel industry has claimed that the shortage of raw material in the international market was one of the major reasons behind the increase in the cost of steel, adding that the current situation is beyond the control of steel makers. According to Pakistan Association of Large Steel Producers (PALSP), during the last and current fiscal year (FY20 and FY21), international as well as domestic market remained highly volatile; major fluctuations in prices of steel products were witnessed due to a confluence of factors such as commodities super cycle,…

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The petroleum division on Tuesday said it is beefing up supply of furnace oil through enhanced capacity utilisation of local refineries and arranging import of about 250,000 tonnes of oil to meet energy shortfalls next month. In a statement it said that for the period of fuel shortage arising out of dry docking of an LNG (liquefied natural gas) terminal, a mitigation plan had been put in place. An official said the Kunar Pasakhi Deep field was getting back on track after annual turnaround and had started injecting about 100…

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The Petroleum Division has chalked out a plan to control the shortage of Liquefied Natural Gas (LNG) under which Terminal-II will provide a maximum 600 Million Cubic Feet per Day (MMCFD) re-gasified LNG during the closure of Terminal-1. In a statement on Tuesday, the division said that normal supplies from the first terminal will resume from July 5, and the total supply from both terminals will be 1,152 MMCFD. During the shortage, gas companies are authorised to manage their load as per government approved gas supply priority order whereby uninterrupted…

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Pakistan and the Islamic Development Bank (IDB) on Monday signed a $4.5 billion framework agreement for a commercial loan to finance oil and gas imports amid only 55% utilisation of a similar three-year facility. The International Islamic Trade Finance Corporation (ITFC) signed the three-year framework agreement for a cumulative amount of $4.5 billion with Pakistan in order to provide financing for the import of essential commodities such as crude oil, refined petroleum products, LNG and urea, the Ministry of Economic Affairs announced. Jeddah-based ITFC is the financing arm of the…

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