June 2022
Day: June 22, 2022
The Mining Industry Is Replicating The Oil Sector Crisis
Earlier this month, Tesla made headlines yet again, but this time the news wasn’t good: the company was raising the price of most of its cars, with CEO Elon Musk citing raw material inflation as one of the reasons for the hike. Tesla is not the only one. The prices of copper, cobalt, lithium, aluminum—pretty much everything that comes out of the ground—are soaring. Normally, this would motivate miners to spend more on getting these metals out of the ground. This time, however, they are taking the same cautious approach…
Read MoreSaudi Investors Show Keen Interest In Gwadar Oil Refinery Complex, PM Told
Prime Minister Shehbaz Sharif Monday urged Saudi investors to come forward and invest in the different sectors of Pakistan. Talking to a delegation of Saudi businessmen and investors here, the premier said that Pakistan has huge potential for investment in diverse fields, including agriculture and minerals. He said Saudi Arabia and Pakistan enjoy excellent brotherly relations and both the countries should transform their mutual cooperation into economic partnership. The prime minister said Saudi Arabia always extended support to Pakistan on economic and diplomatic fronts. Shehbaz Sharif also reaffirmed Pakistan’s desire…
Read MoreGermany Turns To Coal Power Amid Natural Gas Crisis
Germany will rely more on electricity generation from coal in order to conserve gas and fill its gas storage by winter, German Economy Minister Robert Habeck said on Sunday, outlining measures to save gas after Russia last week reduced supply to some of its biggest customers in Europe. As a first measure, Germany will reduce the use of natural gas in electricity generation, the minister said. “To be honest, this means more coal-fired power generation for a transition period,” Habeck, who represents the Green party in the government coalition, said…
Read MoreRefineries’ shutdown imminent as LC crisis deepens
Refineries once again shook up the government to resolve their lingering trade credit issues as in the absence of crude oil imports the industry was facing a shutdown next month, resulting in an acute shortage of petroleum products, The News learnt on Monday.https://ff5b1984769a4368d6250e084c793058.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html The foreign banks were still not confirming local refineries’ letters of credit (LCs) for crude oil imports. On the other hand, oil marketing companies (OMCs) are also struggling to get their LCs confirmed by the global banks for import of petroleum products. It was revealed during the…
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