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…
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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…
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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…
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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…
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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…
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PRIME MINISTER Shehbaz Sharif must have felt stuck between a rock and a hard place after Ogra recommended a massive increase in the prices of petroleum products for recovering the full import cost and exchange rate losses from consumers. According to the estimates of the oil and gas regulator, the government is required to raise petrol prices by Rs21.30 a…
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The Power Division on Thursday informed Prime Minister Shehbaz Sharif that there was currently no shortage of electricity in the country and power plants were closed because they either did not have fuel or faced technical difficulties. The Power Division blamed the “incompetence” of the previous PTI regime for the problems faced by the sector. PM Shehbaz was further informed…
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The Lahore Electric Supply Company’s demand and supply stood around 4,300MW and 3,760MW (on an average), respectively, creating a shortfall of around 550MW and forcing the company to observe loadshedding of two to four hours in urban and about eight hours in rural areas. “On Saturday, the peak hours’ demand and supply touched a figure of 4,295MW and 3,760MW, causing…
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Prime Minister Shehbaz Sharif on Sunday urged the authorities to expedite the Diamer Bhasha Dam project and have it completed by 2026 instead of its currently scheduled time of 2029. The newly elected prime minister issued the instructions during his visit to the site to inspect the project’s pace of work and activities. He was accompanied by other PML-N leaders,…
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