Month: February 2022

New dams to double water storage capacity, address issue of climate change: PM

Admin

Prime Minister Imran Khan Monday said the new under-construction mega dams would double the water storage capacity of Pakistan and would help address the issues related to climate change. Speaking at a seminar here on hydropower development, he said China had constructed 5000 dams but Pakistan had only two dams built in the 1960s. “Due to this negligence, Pakistan suffered losses. As Pakistan is using imported fuel for electricity generation, whenever petrol prices go up in the international market, electricity prices also rise in Pakistan and the burden increases on…

Read More

Energy Minister Hammad Azhar encourages GIZ to undertake pilot projects based on Biofuels and Renewable energy sources

Admin

Energy Minister Hammad Azhar encourages GIZ to undertake pilot projects based on Biofuels and Renewable energy sources A high level delegation of Germany led by State Secretary Jochen Falsbarth held extensive meeting with Pakistani delegation led by Minister for Energy Hammad Azhar here today. Minister for Energy has encourages German development agency GIZ to undertake pilot projects based on Biofuels and renewable energy sources in all provinces of Pakistan. Both sides discussed various aspects of renewable energy resources and clean energy technologies in Pakistan and German cooperation in this sector.…

Read More

Geopolitical unrest feared to lift petrol price to Rs200-225

Admin

The acceleration in international geopolitical tensions over the Ukrainian crisis sent the international Brent oil price surging by 5% to sevenand-half-year high at $95 per barrel on Friday. If Russia invades Ukraine, as being speculated by the US, then the petrol price would spike to Rs200-225 per litre in Pakistan. The next three to four days are very critical for the world, including Pakistan. “If Russia attacks Ukraine, then oil price is expected to shoot to $125 per barrel in the global markets,” said AA Gold Commodities Director Adnan Agar…

Read More

How Long Will High Oil Prices Last?

Admin

The price of West Texas Intermediate (WTI) opened 2022 at about $75 a barrel (bbl). Last week, the price rose above $90/bbl for the first time since 2014. That was also the last year the price of WTI was above $100/bbl. To recap, in the first half of 2014, oil prices spent most of the time bouncing between $100/bbl and $105/bbl. But the shale boom had put millions of new barrels of oil into the markets over the course of several years, and by mid-2014 the market was approaching an…

Read More

Oil majors face backlash as era of big profits returns

Admin

PARIS: Soaring energy prices have brought massive profits to oil majors – along with fierce criticism from environmentalists and politicians at a time when consumers are left with rising bills. US firm ExxonMobil, France’s TotalEnergies, and UK giants Shell and BP announced in the past week 2021 profits totalling US$66.7 billion. It marked a huge turnaround from 2020, when they posted losses as the pandemic emerged, prompting lockdowns that brought the world economy to a grinding halt and caused crude prices to collapse. But oil and gas prices rallied big…

Read More