Greed and fear’: How BP and Shell oil profit is boosted by own traders

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The British oil giants BP and Shell reported huge quarterly profits this month, reigniting calls for a windfall tax to ease the burden of bills on struggling families. Tesco’s chairman, John Allan, this week argued that there was an “overwhelming case” for a one-off levy on North Sea extractors. While the focus was on their oil production businesses, both “supermajors”…

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OPEC Cuts Global Oil Demand Growth Forecast, Again

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Slower global economic growth, China’s fight against COVID, and the Russian invasion of Ukraine prompted OPEC to slash for a second month running its global oil demand growth estimate for 2022. In its Monthly Oil Market Report (MOMR) out on Thursday, OPEC revised down—again—its forecast for global economic growth and said oil demand would grow by 310,000 barrels per day (bpd) less…

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European Oil Majors Report ‘Exceptional’ Trading Profits

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Europe’s top oil firms reported blowout earnings for the first quarter as oil and gas prices spiked with the European energy crisis and the Russian invasion of Ukraine. All three major producers and traders—Shell, BP, and TotalEnergies—posted their highest quarterly earnings in years, hailing “outperforming” and “exceptional” trading results for contributing to the high earnings, together with spiking oil and…

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Report on Coastal Pollution In Pakistan

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Pakistan has a coastline of about 1050km which touches Iran in the westand India in the east. The Coast is provincially bifurcated into Sindh Coast and MakranCoast. The coast all zone up to 12nauticalmiles(NM) falls unde rthe jurisdiction of Governments of Sindh and Balochistan, while from 12NM upto 200NM fallswith in the federal government jurisdiction

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Karot Project’s First unit Starts Running

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The unit-1 of Karot hydropower project with production capacity of 180 megawatts of electricity started running after the successful commissioning of “Wet Test”. “The energy produced from the unit-1 will provide support to the national grid in alleviating the energy crisis,” remarked Karot Power Company CEO Wang Minsheng. The unit-1 with capacity of 180MW is continuously running on full load…

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Gwadar Needs Urgent Power Supply

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Gwadar is seeking urgent arrangements for power supply to ensure robust economic growth, business ecosystem and logistic activities at Gwadar Port as well as in the Gwadar region. The demand for early supply of electricity was made at the Pakistan Energy Development Conference 2022 held at the China Business Centre at Gwadar Port. China Overseas Port Holding Company (COPHC) Chairman…

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Establishment of solar parks proposed

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There is a need to exploit the renewable energy resources in order to meet the growing needs of the country. In clean energy, solar is one of the most economical, pollution-free and environment-friendly sources of energy that can help mitigate power crisis in Pakistan. These were the remarks made by Pakistan Hi-Tech Hybrid Seed Association Secretary General and United Business…

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CNG Made Expensive

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The government has increased gas value of supply to the CNG consumers for the purpose of sales tax in the range of 5pc to 6pc across the country. A sales tax notification SRO587 of 2022 was released on Thursday by amending SRO39 of 2022 to increase the value of supply to the CNG consumers for the purpose of charging sales…

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