Governments currently plan to allocate an estimated US$470 billion for clean energy investment between now and 2030, up by 20 percent compared to plans in July, the International Energy Agency (IEA) said on Thursday, but noted that despite the increase, recovery is uneven and clean energy investment is not enough to prevent emissions growth. Between July and October, governments have…
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U.S. coal miners are enjoying the surge in demand for the fossil fuel, with almost all of their production through the end of next year—and some into 2023 even—already sold, according to a Bloomberg report. Prices are higher, too. According to the report, Arch Resources, the second-largest coal miner in the United States, has sold its 2022 output at prices…
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Oil prices are on course to post their first weekly loss in two months, with both coal and natural gas prices falling as well. Whether this marks the end of the recent crazed rally in energy prices remains to be seen, but there are certainly more bearish factors on the horizon. For a deeper dive into exactly what is going…
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While lowering down Pakistan’s GDP growth projection to 3.4 percent and keeping inflation at 9 percent for the current fiscal year, the World Bank has highlighted four major risks for Islamabad’s economy, including external pressures and increasing exposure to debt-related shocks. This was highlighted in the World Bank’s ‘Pakistan Development Update: Reviving Exports’, launched here at the WB office here…
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Demand of high-speed diesel has increased by 26 percent whilst petrol consumption has risen by 14 percent during first quarter of FY(22). Similarly, electricity consumption has risen by 13 percent during this calendar year. All signs of robust economic growth that may be even higher than last year’s,” said Hamad Azhar Minister of Energy said in a tweet. This is…
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The Ministry of Finance on Thursday conceded that Pakistan’s inflation rate was mainly driven by monetary and supply-side factors such as domestic and international commodity prices, depreciating rupee-dollar exchange rate, seasonal factors and economic agents expectations. The Ministry of Finance stated that the recent surge in international oil prices, exchange rate depreciation and adjustments in administered prices are fueling price…
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Qasim Terminal Holding, a subsidiary of Qatar Energy, plans to acquire a stake in Energas Terminal Pvt, Bloomberg reported on Thursday. Energas’ terminal will be the country’s largest LNG terminal with a capacity to import one billion cubic feet of gas/year. Pakistan currently operates two LNG terminals, while Energas and Japan’s Mitsubishi Corp. are vying to build two more projects. Engro set…
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Congressional Democrats accused the petroleum industry of paying lip service to climate change Thursday, releasing an analysis that showed little effort by oil majors to advance green policies in Washington. A memo prepared ahead of Thursday’s hearing with Big Oil chief executives said the industry — while professing to support the Paris Climate Agreement and carbon pricing — has done…
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The Management Association of Pakistan (MAP) has organised 36th Corporate Excellence Awards here at local hotel on Thursday. Addressing the awards ceremony, former chairman Federal Board of Revenue (FBR) Shabbar Zaidi said Pakistan is one of the countries which could achieve tremendous economic growth by reducing the size of corporate compliances. He said future of Pakistan lies on family owned…
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The Joint Technical Committee (JTC) of Pakistan and Russian on the Pak Stream Gas Pipeline (PSGP) concluded its fourth session here on Thursday, reaffirming their commitment towards the strategic project and to finalize the Share Holders Agreement (SHA) next monthThe Joint Technical Committee (JTC) of Pakistan and Russian on the Pak Stream Gas Pipeline (PSGP) concluded its fourth session here…
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