Day: November 19, 2021

Pakistan and Iran have agreed on a barter deal to exchange rice and import liquified petroleum gas (LPG), announced Adviser to Prime Minister on Trade and Commerce Abdul Razak Dawood. Pakistan would import LPG from Iran in exchange of rice under the barter arrangement, a memorandum of understanding for which was signed during 9th Joint Trade Committee (JTC) meeting in Tehran earlier this month. At JTC, both sides resolved to take bilateral trade to $5 billion by 2023. Dawood, while addressing a press conference at the Karachi Press Club, said…

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Spot freight rates for liquefied natural gas tankers in the Asia-Pacific have surged to record highs as a steady flow of U.S. cargoes to the region boosts demand for ships. The cost of chartering a vessel to carry a shipment of the super-chilled fuel from Australia to Japan spiked to $316,750 per day on Tuesday, five times higher than two months ago, according to data from Spark Commodities. That beats the previous high in January during a cold snap in Northeast Asia. The jump comes in the run-up to the…

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When a country’s economy is in shambles, it can hardly afford more conditions from the lenders; that’s what Pakistan is facing in dealing with the IMF. Adviser to the PM Shaukat Tarin has once again outlined the necessity to comply with five prior conditions that Pakistan must fulfil before the IMF calls a meeting of its board of directors to approve the revival of its six-billion-dollar extended fund facility. The IMF suspended the facility in April 2021, and since then Pakistan’s economy has been on tenterhooks. The statement by Tarin…

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President Joe Biden called on US regulators to look into the causes of the nationwide spike in gasoline prices, which he said is hurting workers. The president last week made fighting inflation a top priority after data showed consumer prices hit a 30-year high in October, fueling a slump in his public approval. In a letter to the Federal Trade Commission (FTC), Biden took aim at oil companies he says are raising prices at the pump even as their expenses decline and profits soar. He instructed the agency to look…

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AIQ, the Abu Dhabi National Oil Company’s (ADNOC) artificial intelligence (AI) joint venture with Group 42 (G42), and Baker Hughes, an energy technology company, announced today a strategic collaboration agreement to develop advanced analytics solutions for the global oil and gas industry. The announcement was made at the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) and will see AIQ and Baker Hughes collaborate on the development and commercialisation of AI products for improved efficiency of upstream oil and gas operations. With drilling being a capital-intensive process, the initial project…

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