Oil industry gears up to tap U.S. climate bill for carbon capture projects

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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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Descon records high growth in revenues

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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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Pakistan’s coal crisis looms large amid pending payments to Chinese plants

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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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Beware of the subsidy trap!

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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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Electricity Shortfall Reaches 6,500mw

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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, Iran to hold JEC meeting tomorrow

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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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