Month: July 2022

More Oil Discoveries Boost Guyana’s Offshore Boom

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The former British colony of Guyana, a nation whose economy was hit hard by the pandemic, has emerged as the world’s hottest offshore drilling location. Since 2015 global energy major ExxonMobil as well as its partners Hess Corporation and CNOOC have made a slew of quality oil discoveries in the offshore Stabroek Block which have delivered resources in excess of 11 billion barrels of oil. This is driving a massive economic boom for Guyana, which was among the poorest nations in Lain America and the Caribbean. According to the IMF,…

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PPIB MD’s contract may be extended by three months

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The government is likely to extend contract of Managing Director, Private Power & Infrastructure Board (PPIB), Shah Jahan Mirza, for three months or till the appointment of his successor, well-informed sources told Business Recorder. A summary for extension in services of Mirza for three months has already landed with the Establishment Division, which will be presented to the Cabinet, after comments from Establishment Division. According to sources, Shah Jahan Mirza went to perform Haj and took ex-Pakistan leave after which Dr. Munawar was immediately given acting charge of MD PPIB…

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Germany’s economic model shaken by energy crisis

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Stagnant German growth in the second quarter has led analysts across the board to predict a recession as the outlook becomes clouded by the threat of a halt to Russian gas supplies. But it is not only growth that is sputtering at 0pc between April and June — Germany’s entire economic model is being called into question by experts. “The war in Ukraine puts an end to the German economic business model as we knew it — a model which was mainly based on cheap energy imports and industrial exports…

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Fuel prices may go up again due to IMF’s condition

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The Fuel prices in the country were likely to go up before August owing IMF’s condition to increase levy, the sources said on Friday. They said that dealers ‘margin was another factor to increase fuel prices again. They said that the levy on petrol might go up by Rs5 per litre while the Diesel levy was likely to be increased by Rs10 per litre. An increase in the dealers’ margin was also expected to be added to the OGRA summary. The sources said that the government decided to increase the…

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Global energy crisis impacts Pakistan

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Sui Northern Gas Pipelines Limited (SNGPL) managing director has stated that the global energy crisis has impacted the gas utility as well as the entire country. “The challenges faced are complex including the depletion of local gas reserves, RLNG (re-gasified liquefied natural gas) spot cargoes and massive domestic demand,” Ali J Hamdani said. The MD stated this in his message to shareholders at the annual general meeting on Friday. He emphasised that SNGPL was part of the energy value chain and was endeavouring to overcome and resolve the issues. He…

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