Day: September 12, 2021

SCCI rejects decision of gas suspension to industries, CNG sector in KP

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he Sarhad Chamber of Commerce and Industry (SCCI) has rejected the government’s decision to suspend gas supplies to industries and the CNG sector in Khyber Pakhtunkhwa (KP) from next week, terming it unacceptable for the business community.Lamenting the move, SCCI President Sherbaz Bilour Bilour, while talking to a group of industrialists here at his office on Saturday, called the decision against the constitutional rights of the province wherein gas is produced in surplus quantity.As per details, the Sui Northern Gas Pipelines Limited (SNGPL) has issued a notification regarding the suspension…

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Natural gas prices are rising and could be the most expensive in 13 years this winter

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Natural gas prices have doubled this year and are expected to continue to rise, resulting in larger winter heating bills for some consumers and higher costs for electric utilities. Natural gas is plentiful in the United States and has been cheap for years, so the jump in prices this year is eye popping. It has also lifted the shares of companies that specialize in natural gas production, like EQT, Range Resources, Cabot Oil and Gas and Antero Resources. In the futures market, the natural gas contract for October rose above…

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U.S. Gulf Coast oil refiners recovering faster than producers

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Most of the nine Louisiana refineries shut by Hurricane Ida have restarted or were restarting on Friday, nearly two weeks after the powerful storm came ashore, a Reuters survey showed. Refiners are coming back faster than oil production, a reverse of past storm recoveries. Just three of the nine refineries were completely idled, accounting for about 7% of Gulf Coast refining, compared to shut-ins of two-thirds of oil output. Valero Energy Corp’s (VLO.N) Meraux refinery on the Mississippi River east of New Orleans was restarting units on Friday, people familiar…

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Over two-thirds of offshore oil output remains shut in U.S. Gulf -regulator

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Sept 10 (Reuters) – U.S. offshore oil companies restored almost 200,000 barrels of production on Friday, while most of the Gulf Coast crude output remained offline following Hurricane Ida, government data showed. The storm hit the U.S. Gulf of Mexico almost two weeks ago, damaging infrastructure and removing more than 21 million barrels of production from the market. Over two-thirds of the U.S. Gulf of Mexico’s oil production, or 1.2 million barrels per day, were still shut as repair efforts dragged on, helping to support global oil prices. Over 1.68…

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Deemed duty’s collection, utilisation continue to haunt refineries

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The deemed duty collection in the past for upgradation purposes continues to haunt refineries as the Cabinet Committee on Transport and Logistics (CCoTL) here on Monday directed the Petroleum Division to come up within two days with details of deemed duty on POL products since its imposition on the POL consumers and utilisation of the amount collected in this head. The CCoTL sees massive scam of billions of rupees in the amount collected as deemed duty, which was not fully utilised for upgradation of the refineries but has been used…

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