Day: October 24, 2021

Pakistan Steel Mills (PSM) on lease to build a tie-in point for two new LNG terminals. Sources told The Express Tribune that SSGC was initially reluctant to acquire the land for establishing the tie-in point, however, the company agreed after intervention from Petroleum Division Secretary Dr Arshad Mahmood. Now, it has acquired nearly 17 acres of land from PSM on lease. The LNG terminals are being set up by private parties. The Petroleum Division had informed the Cabinet Committee on Energy (CCOE) in a meeting that the issue of tie-in…

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Demand for coal from the electric power sector is expected to increase by 84 million short tons in 2021. Production growth is unlikely to match the increases in demand in the near term due to many coal mines operating at a reduced capacity and limited available transportation, according to the report’s findings. In 2022, coal production is expected to increase by 34 million short tons to 622 million short tons, as the production and transportation constraints experienced in 2021 ease. Secondary inventories of coal at electric utilities decreased in the…

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Renewable energy employment worldwide reached 12 million last year, up from 11.5 million in 2019, according to the eighth edition of Renewable Energy and Jobs: Annual Review 2021. The report was released by the International Renewable Energy Agency (IRENA) in collaboration with the International Labour Organization (ILO) at a high-level opening of IRENA’s Collaborative Framework on Just and Inclusive Transitions, co-facilitated by the United States and South Africa. The report confirms that COVID-19 caused delays and supply chain disruptions, with impacts on jobs varying by country and end use, and…

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Engro Corporation’s profit contracted 26.7% to Rs11.4 billion during the quarter ended September 30, 2021 owing to a spike in other expenses and finance cost. According to a notice sent by the company to the Pakistan Stock Exchange (PSX) on Friday, it had posted a profit of Rs15.5 billion in the same quarter of previous year. Earnings per share of the enterprise dropped from Rs16.12 during July-September 2020 to Rs10.62 in the same quarter of current year. Alongside the result, the company announced a cash dividend of Rs5 per share,…

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RIYADH: Top crude exporter Saudi Arabia will aim to achieve net zero car-bon emissions by 2060, its de facto ruler said on Saturday, days before the COP26 global climate summit. The kingdom, one of the world’s biggest polluters, said it would also join a global effort to cut methane emissions by 30 percent by 2030. The UN says more than 130 countries have set or are considering a target of reducing greenhouse gas emissions to net zero by 2050, an objective it says is “imperative” to safeguard a liveable climate.…

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