Year: 2021

Asian Development Bank plans exit from coal finance

Admin

The Asian Development Bank (ADB) will end all financing for coal mining and power plants and ban support for oil and gas production, under a draft energy policy released on Friday. The Philippines-based bank said there had been “profound changes in the energy landscape” since it last updated its energy policy in 2009 and that the document “is no longer adequately aligned with the global consensus on climate change”. By supporting coal exit across Asia, ADB said it would “support new job creation in cooperation with local communities and stakeholders”.…

Read More

Oil and gas is not the sunset industry you think it is

Admin

Even as climate change intensifies the call for decarbonisation, the oil and gas sector will play a pivotal role in Singapore, say EY consultants. The oil and gas sector is widely seen as a sunset industry. Write-downs of around US$145 billion (S$193.7 billion) in asset values globally over the first three quarters in 2020 have added to that perspective. Singapore, while not a domestic oil producer, has high stakes in this sector. The country is a global oil trading hub and a major global refining and petrochemicals center, accounting for…

Read More

Pakistan Must Shift Focus from Coal to Renewable Energy: IEEFA

Admin

Pakistan’s intention to use coal for power production through gasification and liquefaction technologies is likely to cause harmful economic impacts and a subsequent increased reliance on fossil fuels in Pakistan, finds a new report by the Institute for Energy Economics and Financial Analysis (IEEFA). Author of the report energy finance analyst Simon Nicholas says national policies and plans aimed at the transition to cleaner energy must be informed by the local economic and debt realities, the declining prices of renewable energy technologies like solar, wind and green hydrogen, and cautionary global…

Read More

China-Pak Companies join hands in Pakistan’s auto market

Admin

SAIC Motor Corporation Limited, China’s largest automobile manufacturer, is to enter Pakistan’s first-ever private sector Special Economic Zone (SEZ) in Raiwind, Punjab, JW SEZ China-Pakistan SEZ, with an estimated FDI of Rs. 663 million and local investment of Rs. 637 million. The company plans to start manufacturing Electric Vehicles currently (EVs) in Pakistan with its local partner, JW-SEZ. It is not currently clear whether the private SEZ will manufacture vehicles only for the domestic market or also for exports. Companies are usually set up in SEZs (with special tax and…

Read More

OGRA urged to take LPG stakeholders on board

Admin

LAHORE: The Pakistan LPG Marketers Association (PLPGMA) has demanded the Oil and Gas Regulatory Authority (OGRA) to take stakeholders on board on the proposed LPG Policy 2021, a statement said on Friday.https://9b7624a5b1534cb434d3f5ddef8e4fec.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html In a letter written to the OGRA chairman, PLPGMA Chairman Farooq Iftikhar said that the Ministry of Energy, under the guidance of LG’s Director-General, has hastily and surreptitiously drafted the LPG Policy, which has not been circulated to any LPG marketing company for their feedback or comments. This policy is different from the one that was earlier prepared…

Read More