Year: 2021

Russia, An Oil Giant, Goes Big On Timber

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Vologda, Russia, (APP – UrduPoint / Pakistan Point News – 24th Mar, 2021 ) :In a dense forest northeast of Moscow, logging machines cut down rows of trees as Russia taps foreign demand for its wood as part of efforts to reduce its dependence on oil exports. Nowhere is this more evident than in Vologda, a region 500 kilometres (310 miles) northeast of the Russian capital, where forests of birch and pine stretch as far as the eye can see. Tracked vehicles equipped with booms that can grab and cut…

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Anger As UK Fails To Rule Out Further North Sea Drilling

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London, (APP – UrduPoint / Pakistan Point News – 24th Mar, 2021 ) :The British government on Wednesday angered environmentalists by saying it could license further oil and gas drilling in the North Sea, months before it hosts a climate change summit. The government made the announcement as it unveiled a new “North Sea Transition Deal”, aimed at helping lower carbon emissions in the energy sector. The deal says the UK will grant licences for further oil and gas drilling only if “they are compatible with the UK’s climate change…

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Canada’s Oil & Gas Mergers Hit Record $18 Billion So Far This Year

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Canada’s energy industry saw a record US$18 billion worth of mergers and acquisitions year to date, data showed on Tuesday, while analysts predict 2021 will be a bumper year for M&A in the Canadian oil and gas industry. According to data from Dealogic, cited by Reuters, energy deals in Canada between the start of 2021 and March 18 totaled US$18 billion, the highest combined value of energy deals in more than 25 years. Moreover, Canadian energy deals accounted for 16.2 percent of the global M&As between January 1 and March…

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New Refinery Policy

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The new policy prepared and finalised by the government for petroleum refining seems lucrative. Under the policy, an incentive package is on offer to those willing to establish deep conversion refineries anywhere in Pakistan. Similarly, the plan also offers the same incentives to the local refineries provided they decide to upgrade themselves. The policy, which will be implemented once the Economic Coordination Committee (ECC) approves it, has many exemptions for the investors. The exemption from customs duty, withholding tax or any other levy on import of any capital goods required…

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Power demand: industry grows, domestic drops

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The country’s power generation (ex-KE) continues to grow at a very modest rate. The 8MFY21 generation numbers are out depicting a meager increase of 2.69 percent year-on-year in the net electricity generation at 81 billion units. Recall that the generation has been static for three years around 120 billion units for the full year. That the power generation mix is significantly improved from the yesteryears is not news anymore. Increased hydel contribution, more and more plants on coal and imported gas, and gradual induction of nuclear power have all combined…

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