Chevron (CVX) Won’t Trim Its Oil & Gas Business for Renewables

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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Steel industry blames raw material shortage for rising costs

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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Furnace oil supplies being beefed up to ease energy woes

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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Petroleum Division devises plan to mitigate LNG shortage

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, IDB sign $4.5b oil deal

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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SNGP suspends gas supply to 500 industries and 50 CNG stations in Gujranwala

Due to shortage of LNG,Sui Northern gas company has decided to cut-off the supply of gas to 500 industries and 50 CNG stations across the district till July 5, while gas supply to the export industry will be restored. The gas company is currently facing a gas crisis.The supply of gas was being disrupted due to shortage of LNG. Domestic consumers were also getting less gas supply in the summer. Gas supply to the non-export industry and CNG sector in Punjab and kpk has been cut off. In Gujranwala, gas…

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CNG stations in Sindh to remain shut till July 9

Compressed natural gas (CNG) stations will remain closed till July 9 in Sindh, Sui Southern Gas Company (SSGC) announced on Monday. CNG stations in the province have been closed since June 22 and were scheduled to resume operations from 8am tomorrow, CNG associations said while responding to the development. A few days back, Special Assistant to the Prime Minister (SAPM) on Power & Petroleum Tabish Gauhar, during a TV interview, had said the country would face a gas shortage from June 29-July 5. On June 22, Sameer Najam Al Hussain,…

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Inefficient power plants run in May: Nepra

The National Electric Power Regulatory Authority (Nepra) on Tuesday observed that in-efficient power plants were run as compared to efficient power plants during May. Nepra Chairman Tauseef H Farooqi said this while concluding a public hearing into monthly fuel cost adjustment (FCA) for May. The chairman also expressed dismay over National Transmission & Despatch Company’s (NTDC) in-efficiency in the transmission system. Member Khyber Pakhtunkhwa Engineer Masood Anwar Khan, Member Sindh Rafique Ahmed Sheikh and Member Balochistan Rehmatullah were also present at the hearing. The Central Power Purchase Agency (CPPA-G) on…

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WB okays $800m for green energy, inclusive economic growth programmes

The World Bank (WB) has approved $800 million financing for Programme for Affordable and Clean Energy (PACE) and the Second Securing Human Investments to Foster Transformation (SHIFT-II) programme. World Bank Country Director for Pakistan, Najy Benhassine said that the reforms underpinning PACE and SHIFT can contribute to facilitating sustainable investments and generate welfare gains for those most in need, according to a statement issued on Tuesday. The $400 million PACE focuses on measures to improve the financial viability of the power sector and support the country’s transition to low-carbon energy.…

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Mitsubishi to build country’s 4th LNG terminal at Port Qasim: Zaidi

Federal Minister for Maritime Affairs Ali Zaidi has shared a plan for the instalment of a fourth liquefied natural gas (LNG) terminal in the country at Karachi’s Port Qasim. Taking to Twitter to make the announcement on Tuesday, Ali Zaidi shared that Mitsubishi company has decided to invest US $300 million for setting up the LNG terminal at the port. “After Energas, Tabeer Energy (Mitsubishi) is also close to finalising their FID to set up the [fourth] LNG terminal,” he said in his message on the micro-blogging site. The terminal…

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