Pakistan to import LPG from Iran in exchange of rice, says Dawood

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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LNG Tanker Rates Surge to Record as Asia Buys More U.S. Gas

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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IMF and Pakistan

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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Biden Urges Government Regulator To Examine High Gas Prices

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 And Baker Hughes Partner To Develop Advanced Analytics Solutions For The Oil And Gas

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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Gas Supply To CNG Sector To Remain Shut In Winter To Fulfill Household Need

A sub-committee of the federal cabinet on Energy headed by Planning and Development Minister Asad Umar Thursday announced to shut gas supply to CNG sector in order to overcome shortages to household consumers, ARY NEWS reported. During the meeting headed by Asad Umar, a detailed briefing was given on demand and supply of gas in the winter season along with load management options available with the government. The meeting approved measures to safeguard the household consumers from being hit by the gas shortage and decided to ensure uninterrupted supply to…

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NEPRA Chairman Urges Power Sectors Companies To Improve Performance In Health, Safety, Environment Areas

Chairman National Electric Power Regulatory Authority (NEPRA) Tauseef H Farooqi on Thursday urged the power sector companies to strive hard in improving their performance in the areas of Occupational Health, Safety and Environment (HSE). Addressing at award ceremony, the Chairman highlighted the significance of NEPRA’s drive of “Power with Safety”. He stressed that HSE issues were at the forefront of his priorities and therefore he elaborated that NEPRA being the sole regulator would continue to apply and promote the best HSE practices in the industry. The Authority would also continue…

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Gas Supply To Domestic Consumers To Be Ensured During Winter

The Cabinet Committee on Energy (CCOE) was informed on Thursday that the enhanced demand of domestic consumers would be met through savings from captive power generation. The meeting presided over by Federal Minister for Planning, Development, and Special Initiatives Asad Umar here was informed that the prudent pressure management plan would also be developed to ensure the stable supply of gas to the consumers. The Petroleum Division presented the projected natural gas supply and demand position in the country for the coming winter. During the meeting, Petroleum Division presented a…

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SSGC MD Expresses Satisfaction Over Company’s Participation in ADIPEC

mran Maniar, MD, SSGC has termed the Company’s participation in Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) as an extremely useful one. ADIPEC a premier energy sector event that concluded today in Abu Dhabi kicked if on November 15, 2021. It is hosted annually by Abu Dhabi National Oil Company (ADNOC). MD, SSGC said that finding new suppliers, probing new technologies and exploring investment potentials were among the key objectives behind SSGC’s participation in ADIPEC, along with Pakistan’s five other leading energy sector companies. Imran Maniar said that SSGC…

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LNG at Risk of Price Spike this Winter, Vitol Executive Says

Oil and liquefied natural gas (LNG) prices could climb higher this winter as low inventories threaten supply disruption or demand shocks for the market, an official of Vitol (VITOLV.UL), the world’s top independent oil trader, said on Wednesday. Consumption of natural gas, coal and oil has surged as the global economy re-opens from COVID-19 curbs, leading to price spikes and supply crunches that could threaten the recovery. “Most people think about cold winters, and it is true that the last winter in the northern hemisphere reduced (LNG) inventories quite dramatically…

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