Day: August 23, 2021

Taliban inherit untapped $1trn trove of minerals

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The Taliban now hold the keys to an untouched trillion-dollar trove of minerals including some that could power the world’s transition to renewable energies, but Afghanistan has long struggled to tap its vast deposits. The Taliban are already in a financial bind since they returned to power 20 years after their ouster, as major aid donors halted their support for Afghanistan. Endless wars and poor infrastructure have prevented the country from getting its hands on the metals that could brighten its economic fortunes. Taliban blame US for airport chaos as…

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Iran’s president says ‘a lot of possibilities’ for oil sales as nuclear talks stalled

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During his speech, Raisi said one of his priorities will be to export more added-value refined oil products. Iran produced 2.52 million b/d in July, its highest since April 2019, according to the latest S&P Global Platts survey. Despite US sanctions that are intended to heavily penalize buyers of Iranian oil, China’s independent refineries have maintained some level of Iranian crude imports, mainly Iran Light and some Iran Heavy, in the past few years, according to market sources. Talks in Vienna aimed at reviving the Joint Comprehensive Plan of Action…

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New windows for financial inclusion

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WFor the longest time, Pakistani banks have come under fire for being rent-seeking organisations that do nothing but park the public’s money in risk-free government securities. That is well-evidenced by the investment-to-deposits ratio consistently staying well above 60 per cent, and clocking in at 75pc in July. This government borrowing in turn leads to crowding out of the private sector, where again most of the funds are channelled towards the few big corporates. Meanwhile, small and medium enterprises (SME) continue to be deprived of capital and thus fail to scale.…

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Utilising LNG terminals’ spare capacity: Govt seeks NAB’s green light

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The government has sought the National Accountability Bureau’s green light to utilise the 330 mmcfd spare capacity available at both the LNG terminals’ FSRUs (Floating Storage Regasification Units) to avoid gas load-shedding in the winter season. Well-informed sources told The News that the Petroleum Division had written a letter to the NAB in this regard. The NAB is currently investigating Engro LNG terminal company for increasing regasification of LNG from 400 to 600mmcfd and award of contract for setting up the terminal. Likewise, another LNG terminal of PGPCL (Pakistan Gas…

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The Middle East is running out of water, and parts of it are becoming uninhabitable

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In Jordan, one of the most water stressed countries in the world, people have become used to living with very little water.A study published in the Proceedings of the National Academy of Sciences showed that Jordanians will have to halve their per capita use of water by the end of the century. Most Jordanians on lower incomes will live on 40 liters a day, for all their needs — drinking, bathing and washing clothes and dishes, for example. The average American today uses around 10 times that amount.In many Jordanian…

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