Year: 2021

Industrialists decry ban on gas supply

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Industrialists have expressed grave concern over the decision taken by the government to cut gas supply to all industrial units from February 2021, terming it a counterproductive move. In a statement, North Karachi Association of Trade and Industry (NKATI) President Faisal Moiz Khan, while opposing the decision taken by the Power Division, urged the federal government and Minister for Planning, Development and Special Initiatives Asad Umar to immediately withdraw the decision. Labelling it as unwise and anti-industry move, he requested the government not to make decisions that would hamper production…

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Wind projects may fetch $2b investment

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LAHORE: Pakistan has the potential to produce approximately 150,000MW of energy from wind energy sources, said Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) President SM Naveed. Speaking at a think tank session, he said that wind projects could fetch investment of around $2 billion. “Government should opt for short-term energy projects to curb the prevailing energy crisis that has crippled the national economy in general and the industrial sector in particular,” he said. He recalled that the government had planned to achieve generation of 2,500MW of energy from wind sources, 1,000MW through…

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SpaceX To Repurpose Oil Rigs For Launch Pads

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SpaceX plans to use two deepwater oil rigs as offshore floating spaceports that the company will likely use for the Starship rockets it is developing. CNBC’s Michael Sheetz reports, citing public documents, that now-bankrupt offshore rig operator Valaris sold two rigs, 8500 and 8501, for $3.5 million each. The deal was completed in July last year, and Valaris—the world’s largest offshore drilling rig operator—filed for Chapter 11 bankruptcy protection soon after. The buyer of the rigs, according to the CNBC report, was a limited liability company named Lone Star Mineral Development,…

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Oil rises as investors look to higher demand in 2nd half

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LONDON: Oil prices climbed on Tuesday as optimism that government stimulus will eventually lift global economic growth and oil demand trumped concerns that renewed Covid-19 pandemic lockdowns globally are cooling fuel consumption. Brent crude futures for March rose $0.72 to $55.47 a barrel by 1152 GMT after slipping $0.35 in the previous session. “There is perception that any retracement will be quick as confidence in economic and oil demand recovery is unlikely to fade away,” said PVM analysts in a note. US West Texas Intermediate crude was at $52.65 a…

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Norway Awards 61 Oil & Gas Exploration Licenses In Mature Areas

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Norway has awarded 61 offshore exploration licenses to 30 companies in the latest annual licensing round for oil and gas exploration in mature areas on the Norwegian Continental Shelf, the Ministry of Petroleum and Energy said on Tuesday. The so-called Awards in Predefined Areas (APA) are announced every year and comprise the mature parts of the shelf with known geology and good infrastructure already in place, allowing tie-backs to existing infrastructure for any new discoveries. The awards announced today include 34 production licenses in the North Sea, 24 licenses in…

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