The American Petroleum Institute (API) reported a build this week for crude oil of 736,000 barrels, while analysts predicted a draw of 1.2 million barrels. The small build comes as the Department of Energy released 7.7 million barrels from the Strategic Petroleum Reserves in Week Ending June 10. U.S. crude inventories have shed some 74 million barrels since the start…
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The long-running dispute over how oil flows are handled in the semi-autonomous region of Kurdistan in northern Iraq – administered by its government (the KRG, in Erbil) – and how the region is rewarded by the Federal Government of Iraq (FGI) in Baghdad for its co-operation in this regard has taken a series of dramatic legal twists in the past…
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While the world begins to build the infrastructure of a future hydrogen economy, the economics of global trade in carbon-free hydrogen are becoming more clear. Among countries expected to find significant opportunities in that future market is Saudi Arabia. According to a recent report from a notable Riyadh-based research institute, green hydrogen produced from electrolysis could begin to ship to…
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In a major legal victory on an international front, Pakistan has won the terror-financing case against the National Bank of Pakistan (NBP) in a federal court in New York. The victory in the case has helped the NBP ward off the threat of billions of dollars penalty, which would have ultimately rendered the bank gone bankrupt. The bank had been…
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LNG carrier rates on the spot market hit a record amid strong demand and limited supply as many opt for a long-term commitment to using the vessels. According to a Reuters report citing industry insiders, the imbalance in the LNG carrier market was also exacerbated by sanctions on Russian energy cargo that have led to buyers seeking to avoid dealing with Russian…
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Federal Finance Minister Miftah Ismail on Tuesday hinted that if the power sector is not run properly, it could sink the country’s economy. Addressing a ceremony in Islamabad, he said that Pakistani people have appreciated the budget, adding that debt servicing and power sector subsidies are largest cause of excessive budget expenditure. The Finance Minister further said that circular debt…
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Federal minister for power Engr. Khurram Dastgir Khan held a meeting with Minister of energy Sindh Imtiaz Sheikh here today. It is decided to create a working group between federal and Sindh Government to determine modalities of provincialization of HESCO and SEPCO. It is very unfortunate that the inability of previous government to even add 1 Megawatt of electricity in…
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By the Grace of Almighty Allah, the Joint Venture of Guddu Block Comprising Oil & Gas Development Company Limited (OGDCL) as Operator (70 %), SEPL (13.5 %), IPRTOC (11.5 %) & GHPL (5 %) has discovered Gas from an Exploratory well namely Umair South East # 01, which is located in District Ghotki, Sindh Province. Umair South East # 01…
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On June 14, NEPRA conducted a public hearing over the petition submitted by K-Electric on Fuel Charges Adjustments (FCA) for April 2022 and Quarterly Adjustments for January to March 2022. KE had requested an increase of PKR 5.30 in power tariff on account of FCA for April. On the other hand, KE had requested an increase of PKR 3.89 rupees…
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