Year: 2021

Emissions from plastics to outpace coal by 2030: Report

Admin

By the end of the decade, the production of plastics is set to outpace coal-fired power plants in terms of greenhouse gas emissions, further frustrating efforts to combat climate change as many countries move away from coal, according to a report released Tuesday. The report by Bennington College and Beyond Plastics projected that the plastic industry releases at least 232 million tons of greenhouse gases each year throughout its lifecycle from the drilling for oil and gas to fuel its facilities to the incineration of plastic waste. That is the…

Read More

Hammad, Zaidi lock horns over handling of Q-Flex vessels

Admin

Minister for Energy Hammad Azhar and Minister for Maritime Affairs Ali Zaidi are, said to have locked horns over the issue of handling of Q-Flex vessels, especial vehicles to carry liquefied natural gas (LNG), at Port Qasim, well informed sources told Business Recorder. On October 4, 2021, the Cabinet Committee on Transport of Logistics (CCoT&L) while discussing the issue regarding handling of Q-Flex vessels at Port Qasim Karachi, Ministry of Maritime Affairs asked CCoT&L to direct Pakistan Gas Port Consortium Limited (PGPCL) to undertake dredging of berthing basin as per…

Read More

COP26: Document leak reveals nations lobbying to change key climate report

Admin

A huge leak of documents seen by BBC News shows how countries are trying to change a crucial scientific report on how to tackle climate change. The leak reveals Saudi Arabia, Japan and Australia are among countries asking the UN to play down the need to move rapidly away from fossil fuels. It also shows some wealthy nations are questioning paying more to poorer states to move to greener technologies. This “lobbying” raises questions for the COP26 climate summit in November. The leak reveals countries pushing back on UN recommendations…

Read More

LNG Tanker Rates Surge As Global Natural Gas Prices Soar

Admin

Soaring prices and demand for liquefied natural gas (LNG) in Asia have pushed spot LNG freight rates to over $200,000 per day as traders scramble to book vessels to ship the fuel to energy-starved markets in Asia. A vessel to carry LNG from Gladstone, Australia, to Tokyo is now assessed at a time charter rate of $262,215 per day by the Baltic Exchange, Lloyd’s List’s Michelle Wiese Bockmann writes in an analysis. The Pacific spot LNG freight rates have jumped this week to the highest premium on record over Atlantic…

Read More

Oil Prices Could Explode As U.S.’ Largest Storage Hub Nears Empty

Admin

Back in April 2020, the landlocked West Texas Intermediate crude oil price briefly crashed into negative territory – a stunning turn of events that cost traders massive losses – when the spot oil market found itself with an unprecedented glut as there was literally too much oil to be stored, and as such those traders who were assigned delivery would pay others just to take the physical oil off their hands. Well, in just a few weeks we may see the opposite scenario: no physical oil at all in the largest US commercial…

Read More