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…
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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…
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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…
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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,…
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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.…
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Pakistan’s oil and food import bill surged 73 per cent to $14.97 billion in the July-December period compared to $8.67bn a year ago owing to higher international prices and massive depreciation of the rupee. The share of these products in the total import bill also rose to 37pc during the six-month period, data released by the Pakistan Bureau of Statistics…
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The Turkmenistan–Afghanistan–Pakistan–India (TAPI) natural gas pipeline has been long aborning, but its prospects recently got a shot in the arm. The 1100-mile, $10 billion project has seen numerous delays since the pipeline consortium was announced in late 2014, though the project was first mooted in 1991. Construction started in early 2018 with a projected in-service date of 2021, but halted…
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The oil sector has been hogging the investment limelight after a spectacular recovery that has set the sector as one of the top performers in 2021. However, it’s natural gas bulls who have been having a real ball with natural gas trading at their highest levels since 2014, outpacing oil and many other commodities. The natural gas sector is off…
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Oil prices traded to a more than seven-year high amid supply fears following a drone attack in Abu Dhabi which set off explosions in fuel trucks and stirred geopolitical tensions in the region. Brent crude futures ($BZ=F) rose $1.28 (£0.94), or 1.49%, to $87.34 a barrel on Tuesday morning, while US West Texas Intermediate ($CL=F) crude futures jumped $1.20, or…
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Federal Minister of Energy Mr. Hammad Azhar and Minister of Energy and Chief Executive of Qatar Energy Mr. Saad Sherida al-Kaabi held a virtual meeting through video conference today. Both sides discussed further promoting bilateral ties, particularly in the energy sector. Minister Hammad Azhar thanked Qatar for ensuring timely supplies of liquefied natural gas (LNG) to Pakistan despite its shortage…
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