Coal-gas fuel-switching dynamics are pointing to different outlooks for coal burn this winter across different regions.In Europe, high gas prices imply coal demand should remain firm, while in northeast Asia relatively competitive oil-linked LNG costs suggest coal demand may face some headwinds. Higher gas prices and associated gas-to-coal switching dynamics have been a key driver behind coal demand growth in…
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Just a few weeks ahead of COP26, China, the world’s biggest public financier of coal, announced that it will end investments in overseas coal projects. It raised hope in countries that want to make low-carbon energy plans and panic among those who feel they cannot do without coal. The announcement could mean the cancellation of over 40 gigawatts (GW) of pipeline projects…
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The success of the three-day visit of Prime Minister Imran Khan to Saudi Arabia must be gauged by the Kingdom’s decision, communicated to Pakistan authorities a day after the Pakistani delegation’s return, to extend 3 billion dollar safe deposit support for one year (till the completion of the International Monetary Fund programme scheduled for September 2022) and 1.2 billion dollars…
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Canada’s new activist-turned-environment minister on Wednesday sought to reassure the nation’s oil sector — the fourth largest producer in the world — that he has no “secret agenda,” following pushback over his appointment. Steven Guilbeault, a prominent former climate activist tapped by Prime Minister Justin Trudeau for the role in a major post-election cabinet shuffle, spoke after a backlash by…
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Norwegian energy giant Equinor said Wednesday that soaring gas prices helped it more than double its revenue in the third quarter. Equinor, which is 67 percent owned by the Norwegian state, said that its net profit rose to $1.4 billion between July to September this year, compared to a loss during the same period in 2020, partly due to asset…
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Ministry of Energy (Power Division) on Wednesday expressed its inability to ensure required supply of Regasified liquefied Natural Gas (RLNG) – a cheap fuel compared to RFO to the power plants, until new LNG terminals are established. This stance was clearly communicated by Power Division’s team, led by Additional Secretary, CEO, Central Power Purchasing Agency-Guarantee (CPPA-G) Waseem Mukhtar at a…
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To reach an agreement with the International Monetary Fund (IMF) for revival of its programme, the government on Wednesday announced that it’s going for ‘rationalisation of taxes’ to bridge over Rs450bn gap in revenues it had given up on petroleum products to keep their prices one of the lowest in the world. “We will have to definitely rationalise taxes but…
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Earnings per share were Rs68.21 during Q1FY22 slightly up from Rs67.96 in Q1FY21, notice to the Pakistan Stock Exchange said. Arif Habib Limited in its report said the company’s net sales witnessed an uptick of 2 percent YoY, settling at Rs20.726 billion in contrast to Rs20.363 billion in the same period last year amid increase in oil and gas production…
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Pakistan and Russia have successfully concluded the 4th Russia-Pakistan Joint Technical Committee meeting in Islamabad on 28th October, 2021. The parties discussed the draft Shareholders Agreement (SHA) of the Pakistan Stream Gas Pipeline Project (PSGP). The Pakistan side technical committee was headed by Dr. Arshad Mahmood, Secretary Petroleum Division, Ministry of Energy. The meeting was also attended by senior officials…
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Qatar, the world’s top supplier of liquefied natural gas, will invest in Pakistan’s next import terminal in a bid to support one of the fastest growing buyers of the super-chilled fuel. Qasim Terminal Holding Co., a subsidiary of Qatar Energy, has applied for clearance with Pakistan’s government to take a stake in Energas Terminal Pvt., according to people familiar with…
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