Saudi state energy giant Aramco booked a net profit of $30.4 billion for the third quarter of the year, up by 158 percent from the third quarter of 2020 on substantially higher crude oil prices. The world’s biggest crude oil company also said it had generated 131 percent higher free cash flow during the reporting period, at $28.7 billion. Cash…
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This weekend, the leaders of the 20 largest economies in the world pledged to limit the rise of average global temperatures to 1.5 degrees Celsius from pre-industrial times. Also this weekend, U.S. President Joe Biden urged the oil and gas producing members of the group to increase output amid soaring prices. And he wasn’t the only one. The 1.5-degree commitment…
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Inflation continues to bedevil the Pakistani residents three years into the tenure of the Khan administration in spite of repeated public acknowledgements by the Prime Minister and his cabinet members that inflation is a source of concern. In spite of best efforts by the government, reflected by the country’s Prime Minister reportedly raising the issue at every meeting, the inflation…
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Islamabad (30 October 2021): Pakistan is all set to have a diverse representation at 26th Conference of the Parties (COP-26) to the United Nations Framework Convention Climate Change (UNFCCC). The international conference is going to have an extraordinary representation of civil society, parliamentarians, think tanks and private sector from across the globe. The key negotiations at the COP-26 would open…
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The country’s power generation capacity witnessed a 9.3 percent increase during the last fiscal year due to prudent policies introduced by the government for gradually switching over to alternative and renewable energy resources. “During the current fiscal year, the government has set a target to get additional 15.2 per cent growth, focusing on alternative and renewable resources,” according to an…
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A large number of consumers in Rawalpindi city have installed gas compressors, depriving many fellow citizens from the commodity supply even in routine hours. Some domestic as well as commercial consumers have reportedly installed illegal gas compressors which hedge on gas pressure like water motors � used in summer to enhance water pressure. The price of compressors in the market…
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World leaders will walk into a political minefield when they arrive in Glasgow for Cop26, with the future of the planet hinging on whether 196 countries can put aside their differences to take decisive action on climate change. Negotiators will face tricky talks on issues such as shutting down coal plants, taxing carbon emissions and raising funds for poorer countries.…
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Days before departing for Glasgow to attend COP26, Prime Minister Scott Morrison announced the Australian government’s plan to combat climate change. Morrison described his government’s commitment to achieving net zero by 2050 as a major breakthrough, but many Australians are sceptical. This is, after all, the man who as treasurer in 2017, produced an actual lump of coal during Parliamentary…
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Prime Minister Imran Khan on Saturday turned down a proposal of the Oil and Gas Regulatory Authority (Ogra) for increasing fuel prices from November 1. In a summary sent to the prime minister, Ogra had proposed to increase the price of petrol by Rs11.53 per litre, high-speed diesel (HSD) by Rs8.49, kerosene oil by Rs6.29 and light-diesel oil (LDO) by…
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Waqar Siddiqui has been appointed as the chief executive and managing director of Shell Pakistan Limited (SPL) with effect from November 1, 2021, a statement said. Waqar joined Shell Pakistan in 2001 and has since held several roles locally and internationally at senior leadership positions. In his 24 years of oil downstream experience, he has successfully guided Shell companies through…
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