Day: August 16, 2022

Oil prices fell sharply on Monday, dragged down by disappointing economic data from the world’s largest crude oil importer and the world’s second-largest crude oil consumer. The price of WTI and Brent crude fell by more than 5% as China’s central bank cut lending rates to light a fire under demand, as its July economic data soured on the back of China’s restrictive zero-Covid policy. Further dragging down China’s July economic data is its property crisis, which saw property investments fall by 12.3% in July—the fastest rate this year. Both…

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Tax credits in the $430 billion U.S. climate and tax bill set to be signed into law this week will kickstart carbon sequestration projects, say oil and gas proponents, offsetting startup costs for some of the anti-pollution initiatives. Carbon capture and storage hubs that take gases from chemical, power and gas producers and oil refineries have become the energy industry’s preferred way to combat climate warming. But large-scale development has snagged over costs and lack of guaranteed revenue. The Biden administration’s Inflation Reduction Act, which was approved by lawmakers last…

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Pakistan’s leading large-scale engineering company, Descon Engineering Limited (DEL), recorded significantly high growth in revenues on the back of major projects in domestic and overseas geographies as per its FY 2021-22 performance indicators. DEL engineered equipment for the Oil and Gas sector in Qatar, Iraq, Bahrain, UAE, Oman, Eastern Europe and Pakistan. It also engineered equipment for refineries in Saudi Arabia, Bahrain, UAE, Yemen, Oman and Russia. The company’s engineering services arm, Descon Engineering Services and Technology (DEST), also performed well in serving clients in Saudi Arabia. Buoyed by its…

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