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…
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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…
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The government on Monday revised down the prices of RLNG (re-gasified liquefied natural gas) by up to 2.92 percent month-on-month for August 2022, amid a minute decline in international crude prices and low procurement of pricey Spot LNG cargo. Last month, the government did not make a spot purchase, however, this month only one such cargo was procured. The RLNG…
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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…
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Oil and Gas Regulatory Authority (OGRA) on Monday slashed the prices of imported Re-gasified Liquefied Natural Gas (RLNG) by up to 2.92 percent for the consumers of Sui Southern Gas Company Limited (SSGCL) and Sui Northern Gas Pipeline Limited (SNGPL).As per the notification issued by the Oil and Gas Regulatory Authority (OGRA) for the month of August, the price of…
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Even after clear orders by Pakistani Prime Minister Shehbaz Sharif, the country’s government is unable to resolve the key issues being faced by Chinese imported-coal fired power companies as over Rs 350 billion overdue bills for these plants are an obstacle in coal purchase for Islamabad. This comes at a time when coal prices have increased manifold. Business Recorder quoting…
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Despite visible green shoots in the economy, the mounting political pressure seems to have pushed the government to the brink of once again falling in the subsidy trap and reversing all the gains, so painstakingly made, in the many last months. Things went out of control during the first three months of this regime for obvious reasons. The outgoing government,…
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The electricity shortfall in Pakistan has reached 6,500 megawatts (MW), causing power outages of four to six hours in cities and eight hours in rural areas.According to details, the demand in the country for electricity has surged to 28,500 megawatts while the power supply is 22,000 megawatts. The shortfall has resulted in four to six hours of power outages in…
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Pakistan and Iran will hold a two-day Joint Economic Commission (JEC) meeting on August 17-18 to discuss wide range of issues except starting of formal banking system due to opposition by the State Bank of Pakistan. The sources said, both sides will discuss the possibility of bilateral trade, Free Trade Agreement (FTA), removal of tariff and non-tariff barriers under Preferential…
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