Day: March 14, 2022

Pakistan and Saudi Arabia are to finalise agreement on oil facility by March 28, 2022, according to which the former will supply oil of $1.2 billion yearly for three years on deferred payment. This understanding was reached between Pakistan and Saudi Arabia during the visit of Prime Minister Imran Khan to Saudi Arabia in October last year. The issue of Saudi oil facility also came under discussion at a meeting of Economic Executive Council (EEC) presided over by Finance Minister on Finance and Revenue, Shaukat Tarin. Minister for Energy was…

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Oil and Gas Regulatory Authority (Ogra) has granted an extension of two years to Sui Northern Gas Pipeline Limited (SNGPL) for construction of LPG Air-Mix plant in Gilgit as the company has failed to meet its earlier deadline for the completion of the project. Ogra has also imposed a fine of Rs 20 million on SNGPL for two years delay in the installation of LPG Air-Mix plant in Gilgit and misreporting to Economic Coordination Committee (ECC) of the Cabinet regarding the progress of the project. “The Authority observes that the…

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Europe became the largest customer of U.S. producers of liquefied natural gas recently, taking in more than 50 percent of total U.S. shipments over the last three months. But U.S. LNG, as well as LNG from other sources, would only provide short-term relief. For starters, there are the long-term contracts that all LNG producers in the U.S., Australia, and Qatar already have with other buyers. Then there is the question of insufficient LNG import capacity in Europe. Germany has announced a decision to urgently build two LNG terminals—the country has…

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