Month: August 2021

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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CASA-1000 project terms may be renegotiated

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CASA-1000 is a power transmission project from Tajikistan and Kyrgyzstan passing through Afghanistan to Pakistan. TAPI is a gas pipeline project designed to import gas from Turkmenistan. While we need gas, we are beset by the problem of excess capacity, of which more is to come in the next 10 years. Projections are that the worse has yet to come for the circular debt due to the excessive committed projects. Consequently, intensive criticism is emerging against CASA-1000, although nothing can be done now, as the project is under an advanced…

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PARCO Board appoints new deputy MD

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The Board of Directors (BoD) of the Pak-Arab Refinery Company Limited (PARCO) has appointed Irteza Qureshi as the new deputy managing director (DMD) in the country. The refinery is a joint venture between Pakistan and UAE. Qureshi will assume charge of his office during the first week of Sept 2021. He is currently working in Oil and Gas Development Company Limited (OGDCL) as Chief Financial Officer (CFO). Irteza Qureshi is a UK-qualified Chartered Accountant with diverse experience in private and public sectors and multinational organisations within and outside Pakistan. He…

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PSO gets highest-ever bid for LNG cargo at $25.30 per MMBtu

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Pakistan State Oil (PSO) here on Friday got the highest-ever bid from the Qatar Petroleum (QP) Trading at 34.6688 percent of the Brent that translates into $25.30 per MMBtu for spot LNG cargo required to be delivered for September 16-17. The state-owned entity also received the bid price from VITOL at 24.5456 percent of Brent, meaning $17.91 MMBtu for the other spot LNG cargo for the delivery window of 26-27 September. Both the bids PSO got are costlier if compared with the price of LNG cargo at 22.1311pc PSO procured…

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