With Western allies considering expanding sanction against Russia over its invasion of Ukraine, Deputy Prime Minister Alexander Novak warned of “catastrophic” consequences of a ban on Russian oil imports, including a potential rise in oil prices to $300 per barrel. “A ban on Russian oil will lead to catastrophic consequences for the global market. The surge in prices will be…
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Russia’s dramatic invasion of Ukraine has given liquefied natural gas, or LNG, the spotlight like never before, as several European countries scramble to replace their main natural gas supplier. It is also helping emphasize the benefit that LNG export terminals in Mexico could provide for natural gas, especially in Asia. The idea of exporting LNG from Mexico has been gaining…
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A western embargo on Russian oil and gas is no longer unthinkable after the US secretary of state, Antony Blinken, revealed that the idea was gaining traction in the White House and had been the subject of “very active discussion” with allies. The reaction was dramatic, with Brent crude oil hitting levels not seen since 2008, while gas soared to…
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ne of the programs of the Energy Ministry in the current fiscal year (started March 20) is to use gas condensates for gas turbines in power plants, Energy Minister Reza Ardakanian said in a video conference with the provincial power officials on Monday. The advantages of using gas condensates in turbines instead of natural gas is that it has lower…
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Iran and the United States must take a political decision within days to prevent the failure of indirect talks on reviving the 2015 nuclear deal after 11 months of negotiations rocked by a last-minute Russian demand of a sanctions exemption. The European Union’s top envoy Enrique Mora, who coordinates the talks, tweeted: “Just to clarify. There are no longer ‘expert…
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Crude oil prices fell to their lows of the day and European natural gas prices retreated after German Chancellor Olaf Scholz said that Europe’s largest economy has no option but to keep buying Russian oil and gas. “At the moment, the supply of energy for heating, for mobility, for electricity generation and for industry cannot be secured any other way,”…
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The K-3 unit of the Karachi Nuclear Power Project in Pakistan, the fourth entity to use a China-designed third-generation nuclear reactor, has been successfully connected to the grid, laying solid foundations for commercial operation. All four of the units adopting China’s Hualong One nuclear reactor now connected to the grid are generating electricity, Global Times reported while quoting China National Nuclear…
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Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance and Former Provincial Minister Mian Zahid Hussain on Monday said rising oil prices are affecting energy security, food security, and global GDP. Inflation and poverty are on the rise across the globe while the global economy is heading for a recession which will…
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Oil buyers racing to replace Russia’ taboo crude are paying record premiums for barrels that can be delivered now rather than later, reflecting worries about adequate near-term fuel supplies and expectations that high prices will reduce consumption and encourage drilling. Prices for April deliveries of crude have shot up since Russia invaded Ukraine and buyers began shunning the aggressor’s oil…
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