Iran needs some $11 billion in investments to develop oil fields along its border with Iraq, Bloomberg has reported, citing the new head of the National Iranian Oil Company Mohsen Khojastehmehr. Where the money would come in remains as of yet unclear after Trump administration sanctions drove foreign companies out of the country. The sanctions are still in place under…
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China will gradually reduce the share of fossil fuels in its energy mix until it reaches 20 percent or lower fossil fuel use by 2060, the authorities of the world’s top crude oil importer said on Sunday. China also reiterated that its carbon dioxide (CO2) emission will have peaked by 2030, according to a document jointly released by the Communist…
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WTI crude hit the psychologically important $85 per barrel mark earlier on Monday—the highest the U.S. crude benchmark has traded since October 2014. WTI prices eased later in the afternoon, with the benchmark falling back to $84.02—still up on the day and up about 20% month on month. The skyrocketing crude prices are largely the result of gas-to-oil switching amid…
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Tesla has just received the single largest order for electric vehicles in the world, after car rental giant Hertz said on Monday it had placed an order for 100,000 Teslas by the end of 2022, which, according to Bloomberg, would be worth $4.2 billion in revenues for the U.S. EV manufacturer. “As consumer interest in electric vehicles (EV) skyrockets, Hertz…
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The COP26 climate summit is set to begin next Sunday in Glasgow. The summit has been touted as one of the most important international events for the past few years—an event where world leaders will attempt to come up with a concerted effort to reduce emissions. But there are multiple factors working against the summit’s success. As many as 25,000…
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India will bargain for supply of undelivered gas quantities of past years when it negotiates renewal of its multi-billion dollar LNG import deal with Qatar, an official said.Petronet LNG Ltd’s 7.5 million tonnes a year liquefied natural gas (LNG) import deal with Qatargas is ending in 2028. Renewal, if any, has to be confirmed 5 years ahead of that. Talks…
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Pakistan may soon be facing its third successive winter of gas shortages and rationing. With depleting local gas reserves and our failure to procure sufficient quantity of liquefied natural gas (LNG), this winter promises to be no different from the previous ones unless we take urgent measures. This year, the problem might exacerbate further due to the prevailing high LNG…
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Rawalpindi : Natural gas has vanished from over 80 per cent of areas of the city and cantonment board for the last three days. The residents of affected localities are buying three times meals at skyrocketing rates from hotels while others wander here and there in search of fire sources like dry wood, kerosene oil, coal, and expensive Liquefied Petroleum…
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The National Development and Reform Commission (NDRC), China’s top economic planner, will strengthen credit supervision on the performance of medium- and long-term contracts for coal suppliers, amid the government’s efforts to ensure energy supply and price stability, according to a statement released on Monday. Entering September, China has experienced severe power shortages in some of parts of the country caused…
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Many people ask if renewable energy is so cheap – 1-2 US cents or at most 4 US cents as opposed to 8-10 US cents for fossil energy along with pollution, why the world does not shift to renewables faster and sooner.The global share of renewable electricity (RE) is 27% and in Pakistan it is less than 5%. Firstly, RE…
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