Day: September 22, 2022

UAE Oil Giant Reportedly In Talks to Acquire Gunvor Trading

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The UAE’s state-run oil giant is reportedly considering a full or partial acquisition of Gunvor Group commodity trading house, both Bloomberg and Reuters report, citing unnamed sources. The UAE’s Abu Dhabi National Oil Co (ADNOC) has already undergone early-stage talks about buying the commodities house, according to Bloomberg, to merge Adnoc’s trading arm with Gunvor. Reuters likewise cites an unnamed source as saying that talks have been held for the acquisition of Gunvor Group or a stake in the trading house. Neither ADNOC nor Gunvor have made any statements about alleged early-stage talks,…

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Saudi Aramco Shares Some Hard Truths About Our Energy Future

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Policymakers need to look beyond this winter and stop vilifying the oil and gas industry if they want to prevent the next energy crisis, according to the chief executive of the world’s biggest oil company and largest crude oil exporter, Saudi Aramco.    Amin Nasser criticized the short-term emergency responses to the energy crisis in Europe and said that the short-term view doesn’t help energy supply or energy security at all. The ongoing energy crisis, while intensified by the Russian invasion of Ukraine, didn’t start with the war, according to…

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The Pullback In Natural Gas Has Created An Opportunity

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U.S. natural gas prices have hit a fresh six-week low, closing at $7.75/MMBtu on Monday with the Wall Street Journal saying that the market has lost momentum due to U.S. production topping 100 Bcf/day for the first time ever. The odds are now that ample U.S. production will be enough to meet local demand in the final months before winter arrives. Prices are likely to remain depressed unless there’s a breakout of storm activity in the Gulf of Mexico which could disrupt production.   Meanwhile, benchmark European gas prices have continued to…

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Net metering: NEPRA to hold hearing on downward revision of tariff

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Amidst a continuous denial from the Ministry of Energy over making any change to the net metering rates, National Electric Power Regulatory Authority has announced to hold hearing on downward revision of the tariff by almost 53pc. The National Electric Power Regulatory Authority has decided to hold a public hearing on the (Alternative & Renewable Energy) Distributed Generation and Net Metering Regulations, 2015 on September 27, 2022. Federal Minister for Power Khurram Dastagir last week denying any such development of amendment in the net metering regulations tweeted that “There is…

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Pakistan’s policy shift towards renewables is the step in the right direction”, remarked Martin Raiser

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World Bank’s Regional Vice president for South Asia, Mr Martin Raiser alongwith a delegation called on Federal Minister for Power Engr Khurram Dastgir Khan today. Minister apprised the Vice president about the unprecedented destruction caused by floods in Pakistan. He briefed on the devastation and accompanying economic misery of the people. He further highlighted how the untiring efforts of the Ministry and Government of Pakistan helped restore electricity in most of the flood affected areas. Minister assured the World Bank that present government is committed to reform the energy sector…

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