Month: June 2021

ECC okays new regulator for upstream petroleum

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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday called for reducing the expenditures for the security of oil and gas fields and expeditious clearance of a law to create a separate regulator for the petroleum upstream sector to encourage investments in the oil and gas exploration. The ECC meeting presided over by Finance Minister Shaukat Tarin also allowed revival of a virtual oil depot in Kohat for use by all the licenced oil marketing companies (OMCs) and sought third party validation of investment in Iraq by Pakistan…

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NEPRA cuts April tariff by Rs 0.44 per unit under fuel price adjustment

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The National Electric Power Regulatory Authority (NEPRA) has lowered electricity prices for the month of April 2021 by Rs0.44 per unit under fuel price adjustment. NEPRA Chairman Tauseef H Farooqi announced this on Wednesday, saying: “A decline of Rs0.87 per unit was recommended for the month of April 2021, however, after deduction of dues amounting to Rs0.43 per unit, the decline in price stands at Rs0.44 per unit.” He said that an advantage of Rs4.40 billion has been conveyed to the masses through lowering the electricity charges. Earlier in the…

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PM to announce four major ERI on World Environment Day: Amin

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Special Assistant to the Prime Minister (SAPM) on Climate Change Malik Amin Aslam on Wednesday announced that Prime Minister Imran Khan would announce four key “Ecosystem Restoration Initiatives” (ERI) on World Environment Day. The Prime Minister’s aide made the proclamation during a joint media interaction flanked by Special Representative of the Prime Minister on Religious Harmony Maulana Tahir Mehmood Ashrafi to apprise the journalist fraternity on celebrations to be held on World Environment Day 2021 as it was Pakistan’s honour to host global celebrations in recognition to its promising interventions…

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US sells off Iranian oil from seized tanker

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The United States recently seized a ship and then sold off the Iranian oil it was carrying, according to reports over the weekend. Source: msn.comU.S. authorities in February seized the Liberian-flagged tanker Achilleas off the coast of the United Arab Emirates as it was transporting Iranian oil, the Associated Pressreported Monday.The U.S. government brought the cargo to Houston, Texas, where it sold the oil.The oil sold from the cargo showed up in data released this weekend by the Energy Information Administration, an arm of the Department of Energy, confirming the U.S. imported just over…

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Qatar LNG expansion seen boosting real economic growth

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Qatar could become the swing LNG (liquefied natural gas) producer and its LNG expansion plans are slated to boost real economic growth and fiscal surpluses to high-single digits and mid-single digits on average over 2021-27, according to Bank of America report. “Qatar’s LNG strategy appears to be focused on defending and, in due course, growing its market share. Qatar’s structural cost advantage makes it well positioned to retain its pre-eminent supplier position, while allowing for greater flexibility in contract pricing,” the report said. Qatar’s structurally low production costs provide key…

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