Day: April 17, 2022

EU Embargo on Russian Oil, Gas Will Take ‘Months’

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The EU is working on broadening sanctions on Russia to include oil and gas embargoes but such measures would take “several months”, European officials told AFP on Friday. The bloc last week announced a ban on Russian coal in a first step against Russian energy exports — together, Moscow’s main hard currency earner. But the coal sanction only kicks in from mid-August, and would hit around eight billion euros ($8.7 billion) in Russia’s sales abroad, annually. Russian oil and gas sales to the EU account for a far higher amount…

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Germany Releases Billions to Move Away from Russian Gas

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Germany has released nearly three billion euros ($3.2 billion) to acquire floating liquefied natural gas import terminals, the finance ministry said Friday, as it seeks to move away from dependence on Russian gas. “Dependence on Russian energy imports must be reduced quickly and sustainably,” tweeted Finance Minister Christian Lindner. “Floating LNG terminals make an important contribution to this, for which we must provide funding,” he added. A total of 2.94 billion euros has been made available for the lease of these huge LNG carriers, the finance ministry told AFP. Europe,…

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Japan To Step Up Investment In LNG

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Japan will increase investments in the production of liquefied natural gas abroad to secure supply, the country’s industry minister said today. “Russia’s invasion of Ukraine has intensified competition for purchasing LNG, raising concerns about stable supply of the fuel for Japan,” Koichi Hagiuda told media, as quoted by Reuters. “The government needs to come to the forefront to secure LNG through cooperation with the private sector,” the top official added. Hagiuda also noted that global investment in liquefied natural gas production had declined amid efforts to decarbonize economies even though demand, especially in…

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Pakistan’s Petroleum, Food Imports Surge 60pc

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Pakistan’s oil and eatable import bill surged by 59.98 per cent to $21.87 billion in the July-March period compared to $13.67bn in the corresponding period last year owing to higher international prices and massive depreciation of the rupee. The country’s overall import bill increased by 49.10pc to $58.87bn in 9MFY22 against $39.48bn in the corresponding period last year. The share of these products in total import bill also rose to 37.14pc in 9MFY22. The steady increase in import bill of these two sectors are triggering trade deficit and pose a…

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Power Plants Hold CPPA Responsible for Closure

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National Electric Power Regulatory Authority (NEPRA) summoned heads of 27 closed power plants on Friday, where the power firms said Central Power Purchasing Agency (CPPA) hadn’t issued funds on time, causing fuel shortage and no money for repairing the plants. The regulator called upon the power plants’ chief after PM Shehbaz Sharif took notice of unscheduled power outages across the country. Around 27 power plants with an installed capacity of 7140MW are reportedly under forced outages on fuel shortages or technical faults. NEPRA had also summoned CPPA and National Power…

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