Day: August 21, 2022

Pakistan Mulls Taking Upfront Cost

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Pakistan is reviewing a proposal to receive upfront 20% of the total cost of five China-Pakistan Economic Corridor (CPEC) projects as deposits in the central bank in a bid to get breathing space amid declining foreign exchange reserves. The proposal has been discussed at the highest level as the prime minister has given instruction to further fine-tune it, a cabinet minister told The Express Tribune. He said that at least five CPEC projects were discussed during a meeting, having total estimated value of $7 billion. As per the proposal, Pakistan…

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Nearly 50% Of Africa Has No Access To Power, Could Renewables Help?

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The African region has gained significant attention recently for its burgeoning oil and gas industry, with new oil-rich states across Africa hoping to meet the continued global demand for fossil fuels. However, several African countries are also developing green energy strategies and investing in renewables. The African Union is expected to present a five-page document highlighting the benefits of developing the region’s oil and gas industry at COP27 later this year. Not only will the growth of the industry help several countries to develop their economies, but it will also present opportunities for…

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Russia is China’s Top Oil Supplier for Third Month in July

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Russia held its spot as China’s top oil supplier for a third month in July, data showed on Saturday, as independent refiners stepped up purchases of discounted supplies while cutting shipments from rival suppliers such as Angola and Brazil. Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia’s European and Far Eastern ports, totalled 7.15 million tonnes, up 7.6 percent from a year ago, data from the Chinese General Administration of Customs showed. Still, Russian supplies in July, equivalent to…

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Europe’s Gas Price Is Now Equivalent To $410 Per Barrel Of Oil

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Heatwaves this summer and expected natural gas shortages this winter are driving gas prices higher and higher. Europe’s benchmark gas prices surged by 14% in just three days to a fresh record-high, continuing the upward trend from recent weeks, as gas demand for power generation is high amid heatwaves and Russian pipeline supply remains at low levels, while the EU scrambles to fill gas storage ahead of the winter that would see energy and gas rationing, industries shutting down production, and households paying sky-high prices for heating and electricity. Europe…

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Govt strategy to help boost LNG supply to system

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The coalition government has carved out a multi-pronged strategy to increase the supply of LNG in the country’s system in the coming winter season under which it has allowed the existing terminals to use their excess capacity for importing the gaseous fuel to cater to the country’s needs, The News has learnt. “This government action will change Pakistan’s LNG scenario as the private sector will start importing the LNG and selling it to the consumers under the third-party access rules (TPA),” a senior official at the Energy Ministry told The…

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