Year: 2021

Putin Says Europe Only Has Itself to Blame for Surging Gas Prices

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Putin

MOSCOW/KYIV (Reuters) -The European Union can only blame its own policies for record gas prices as some of its members resell cheap Russian gas at much higher prices within the bloc, Russian President Vladimir Putin said on Friday. Putin also called on the EU to approve a new Russian gas route, the Nord Stream 2 pipeline, to ease the price crunch. Europe’s benchmark gas price climbed to a new record on Tuesday, up almost 800% since the start of the year. The price eased on Friday, but it was still…

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Coal Demand Rises In India, IEA Says Net Zero Should Have Stronger Implications

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The IEA’s Coal 2021 report shares worrying insights for India. The global power generation from coal is expected to take a leap by 9% in 2021, after consecutively falling in the previous two years. An all-time high of 10,350 terawatt-hours is the demand so far. India is the second-largest producer, consumer and importer has received a special attention in the IEA Coal report. The report says that the bounce back happened because of rapid economic growth and a push up in the electricity demand much faster than the low-carbon supplies…

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Gas shortage: Officials of CNG association protest outside SSGC office

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The officials and workers of Compressed Natural Gas (CNG) association on Friday  carried out protest outside the head office of Sui Southern Gas Company (SSGC) in Karachi against the prolonged gas supply suspension. The protesters chanted slogans against the government and expressed their determination to continue sit-in till the restoration of gas supply to the pumps. They said that they are being provided gas on expensive rates in the name of so-called Re-Gasified Liquefied Natural Gas (RLNG). They further asked to remove managing director (MD) of SSGC. Meanwhile, Pakistan Tehreek-e-Insaf…

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Domestic gas consumers: There will be no supply of LNG on ‘lower’ rates: Hammad

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Federal Energy Minister Hammad Azhar said on Friday that the government would not supply imported Liquefied Natural Gas (LNG) to domestic gas consumers on lower rates. Addressing a news conference, the minister said that 10 to 11 cargos of LNG were tenders to meet the demand, but since the LNG prices had gone up on the international market the imported gas could not be affordable for the domestic consumers. The current government increased natural gas prices for commercial consumers and the CNG sector by several folds over three years. However,…

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Pakistan receives $300 mn from ADB for energy sector reforms

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Federal Minister for Economic Affairs Omar Ayub Khan acknowledged on Friday the receipt of $300 million from the Asian Development Bank (ADB) for energy sector reforms. The development comes after Pakistan and the ADB signed six financing loan agreements worth $1.544 billion. Apart from the energy sector, the funds received will also help strengthen foreign exchange reserves and stabilise the exchange rate, stated Economic Affairs Division in a statement. Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased $415 million on a weekly basis, clocking in at…

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