Day: January 18, 2022

BP and Oman form strategic partnership to progress significant renewable energy and hydrogen development

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bp and the Ministry of Energy and Minerals in Oman today signed a Strategic Framework Agreement (SFA) and a Renewables Data Collection Agreement which will support the potential development of a multiple gigawatt, world-class renewable energy and green hydrogen development in Oman, by 2030. As part of the agreement, bp will capture and evaluate solar and wind data from 8,000km2 of land – an area more than five times the size of Greater London. The evaluation will then support the Government of Oman in approving the future developments of renewable…

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Economy-centric security policy

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In the words of the first ever National Security Policy 2022-26 (NSP), “Pakistan’s vital national security interests are best served by placing economic security as the core element of national security.” While critics may contend that merely putting pen to paper does not ensure the implementation or otherwise of an NSP or that it contains the theoretical framework that is available to any student of national security yet the economic centricity of Pakistan’s national security is an acknowledgement of the appalling state of the economy today that requires immediate remedial…

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Growing financing needs: Pakistan may have to seek new IMF loan

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Pakistan’s gross financing requirements are estimated to go up to $30 billion in the next budget for 2022-23, leaving no other options for the government but to seek a fresh IMF loan after the expiry of the existing programme in September 2022. Top official sources confirmed to The News that if everything goes well and Islamabad manages successfully to revive the existing stalled programme of $6 billion Extended Fund Facility (EFF) of the IMF after completion of the sixth review, then two more reviews seventh and eighth would be required…

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PPPA likely to execute mega projects worth Rs150bn

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The Punjab Public Private Partnership Authority (PPPA) may execute different mega projects, especially in agriculture, infrastructure and renewable energy sectors worth Rs 150 billion. These projects included construction of a modern and planned agri market in Gujranwala, setting up of cold chain facility, energy generation from solar and biomass, solar street lighting on southern loop of the Lahore Ring Road, construction of 500-bedded hospital, Multan-Vehari Road and Faisalabad Chiniot Sargodha Road. “We are looking forward to international donor agencies to play their role in funding these projects instead of merely…

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Vitol Group Says Oil Prices May Rise Even More

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The world’s biggest independent oil trader said crude prices, already up more than 10% this year, could rise even further because of tight supplies. “These prices are justified,” Mike Muller, head of Asia for Vitol Group, said Sunday. “Strong backwardation is very much justified,” he said, referring to a bullish pattern whereby near-term futures are more expensive than later ones. Oil posted a fourth-straight gain last week, its longest rising streak since October, amid signs consumption will hold up despite the spread of the omicron variant of the coronavirus. At…

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