Month: May 2022

Pakistan, Saudi Arabia on path to strategic partnership: minister

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Pakistan and the Kingdom of Saudi Arabia have affirmed their stance to consolidate security and stability, fight against violence, extremism and terrorism, support the unity and independence of the countries of the region and their territorial integrity, as well as to give priority to political solutions that bring prosperity and progress to the region and its people. A joint statement issued from Jeddah on the conclusion of Prime Minister Shehbaz Sharif’s three-day visit to KSA said, “The two sides agreed to continue exchanging support and coordination in international organizations and…

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Gas supply cuts worsen compost crisis in Punjab

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To the concern of agriculturists, gas supply to at least two fertiliser manufacturing units in Punjab has been further worsening the compost crisis, which set in before the advent of the last Rabi season. Industry sources say the Sui Northern Gas Pipelines Limited (SNGPL) directed Agritech Limited and Fatima Fertiliser in writing on Saturday (April 30) to immediately start ramp-down of RLNG off-take so that the same reaches zero by midnight. The SNGPL communiqué informs the industry that the gas supply is to be diverted to the power sector in…

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Libya’s NOC announces ‘temporary lifting’ of force majeure on Zueitina oil port to relieve storage

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May you live in interesting times,” runs the saying, supposedly an English translation of an ancient Chinese curse. For BP and Shell, the British companies that account for two of the world’s seven oil “supermajors”, the first quarter of 2022 has been painfully fascinating. Both were heavily enmeshed in Russia and now face having to write down a combined £24bn on the value of their businesses, after cutting ties with the Kremlin. Shell is expected to take a hit of £3.5bn due to its decision to exit its joint venture…

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Germany Drops Opposition To Russian Oil Embargo

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Oil prices have risen for a fourth consecutive day with concerns over Russian supply disruptions trumping reduced demand expectations in China. Brent Crude climbed 1.7 percent to $109.40 per barrel, while WTI Crude moved up 1.03 percent to $106.50 per barrel. Both contracts are set to finish up on the week, and post their fifth straight monthly gains, buoyed by reports the European Union (EU) will phase out Russian oil imports by the end of the year. Germany – the bloc’s largest economy – has dropped its opposition to the…

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LNG Terminals In Europe Are Filling Up Fast

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Europe is importing record volumes of liquefied natural gas (LNG) as it looks to cut as much Russian gas consumption as soon as possible. Unlike in previous years, Europe is now the most attractive destination for global LNG flows, outbidding Asia for spot supply as prices and demand in Europe have soared after the EU’s irreversible decision to stop being beholden to Putin for its gas consumption as fast as feasible. Amid soaring demand, however, LNG terminals in Europe are maxed out, limiting how many cargoes the continent can import…

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