Day: January 5, 2022

US becomes world’s top LNG exporter for first time ever

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The U.S. became the world’s No. 1 exporter of liquefied natural gas for the first time ever last month, as deliveries surged to energy-starved Europe. Output from American facilities edged above Qatar in December after a jump in exports from the Sabine Pass and Freeport facilities, according to ship-tracking data compiled by Bloomberg. Cheniere Energy Inc. said last month that a new production unit at its Sabine Pass plant in Louisiana produced its first cargo. A shale gas revolution, coupled with billions of dollars of investments in liquefaction facilities, transformed…

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Venezuela boosts oil exports amid US sanctions

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Venezuela doubled its crude oil exports to reach an average of 619,000 barrels a day during December despite US sanctions, Bloomberg reported. The US has imposed sanctions prohibiting its citizens from doing business with the Venezuelan oil sector — a move which saw exports from the South American country hit a 77 year low in 2020. The recent increase in exports were helped by Iran, which provided assistance to help with oil production under a deal struck in 2021.The increase in exports is attributed to the 50 percent surge of…

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Slowdown of FO-based power generation reduces petroleum sales

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petrol-price

The total petroleum and lubricant sales clocked-in at 1.51million tonnes in December 2021, depicting a decline of 6 per cent on a year-on-year basis, a research report by Arif Habib Limited showed. The decline in sales volume is attributable to lower Furnace Oil (FO) requirement amid slowdown in FO based power generation, as the sales declined 14 per cent on a month-on-month basis. The FO volumes in December 2021 clocked in at 0.13 million tonnes, down by 47 per cent on a year-on-year basis and 28 per cent on a…

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Two IPPs Serve Payment Notices to Govt

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Two Independent Power Producers (IPPs) namely, Attock Gen Ltd (AGL) and Sapphire Electric Company Ltd (SEL) have served payment notices to GoP, which, according to Managing Director, PPIB will have serious consequences for the CPPA-G besides having adverse effect on GoPs guarantee obligations, well informed sources in PPIB told Business Recorder. PPIB Managing Director in a letter to CEO CPPA-G has stated that pursuant to Section 1.5.1 of the respective guarantees of September 25, 2007 and June 20, 2007 read with Section 16.9 of the respective Power Purchase Agreements (PPAs), Attock…

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Proposed transaction of Discos: PC fails to hire financial advisers

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Privatisation Commission (PC) has failed to find suitable Financial Advisers for the proposed transaction of power Distribution Companies (Discos) in one year, well informed sources in PC told Business Recorder. Sharing the details, sources said after approval of CCoP/ Cabinet for engaging Private Sector in management of Discos, the Expression of Interest (EoI) for hiring of Financial Advisory Consortium (FAC) for the transaction was floated in the national/ international press in September,202l. In response, only two Consortiums showed their interest but pre-qualification Committee did not find them suitable for the…

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