Month: August 2022

China races to alleviate drought, power cuts amid record heatwave

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China is taking emergency action to bring more water to the drought-hit basin of the Yangtze River, deploying relief funds, seeding clouds and developing new supply sources as a record-breaking heatwave damages crops and livestock. The Ministry of Water Resources said in a notice on Wednesday that drought throughout the Yangtze River basin was “adversely affecting drinking water security of rural people and livestock, and the growth of crops.” It urged regions to make accurate assessments of drought-affected areas and devise plans to maintain water supplies, including temporary water transfers,…

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Investors from Oman have expressed their keen interest in investment in Pakistan’s Railway Infrastructure Development and Power projects.

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A delegation of Omani investors, under the chairmanship of Al Anvwar Asian Investments, Dr. Anwar Al Balushi, met with Minister for Board of Investment Chaudhary Salik Hussain in Islamabad and informed him about their possible investment. The delegation expressed their interest in the construction of a 1,087-kilometer-long rail track from Gwadar to Jacobabad, Sindh. Anvwar Asia Investment Company, which is renowned as a top global facilitator in project financing, also signed a memorandum of understanding earlier this year with Pakistan Railways. It was assisted by Railcop, which prepared a feasibility…

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Oil Drops 5% On Disappointing Economic Data From China

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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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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 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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RLNG prices for August reduced by up to 2.92pc MoM

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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 will cost consumers of public gas utilities 2.92 percent less in August 2022 than it did in June for SNGPL consumers and 2.77 percent less for SSGC clients, an Oil…

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