Day: October 1, 2022

Germany Secures LNG Supply from UAE, Possible First Cargo by December

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lng-2

RWE and the United Arab Emirates’ (UAE) state-owned ADNOC agreed to a multi-year supply contract for liquefied natural gas starting in 2023, the firms disclosed. As a part of that memorandum of understanding (MOU), ADNOC is expected to ship a 137,000 cubic meter LNG cargo to Germany which should arrive in the last weeks of the year. The cargo could also be the first unloaded at Elbehafen LNG, currently under construction at the coastal port town of Brunsbüttel, near Hamburg, Germany. Elbehafen LNG will operate one of the two floating…

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UN sounds alarm over leukaemia in Iraq linked to oil fields

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The UN has warned that people living near oil fields, where gas is openly burned, face heightened risks of leukaemia, and that it has classified such areas as “modern sacrifice zones.”Singling out sites in Iraq for gas flaring — a process of burning gas released by oil drilling that produces cancer-linked pollutants including CO2, methane and black soot — the UN said profits have been prioritized over human rights, noting Britain’s BP and Italy’s Eni as working these sites.David Boyd, UN special rapporteur on human rights and the environment, told…

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Explainer: How worried should we be about Pakistan’s economy?

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Explainer: How worried should we be about Pakistan’s economy? Sept 30 (Reuters) – Concerns are rising again over the health of Pakistan’s economy as foreign reserves run low, the local currency weakens and inflation stands at decades-high levels despite the resumption of an International Monetary Fund funding programme in August. The IMF programme was meant to stabilise an economy that has been in a tailspin for months. The nuclear-armed country has suffered from external shocks like other developing nations heavily reliant on imports of oil, gas and other commodities.But then…

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GIDC collection remains as elusive as ever

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Earlier this week, the Public Accounts Committee of the National Assembly of Pakistan was told that a paltry sum of Rs7 billion has been recovered against the outstanding Gas Infrastructure Development Cess (GIDC) of Rs459 billion. In times of tight fiscal constraints, there is not enough money for requisite gas infrastructure. However, the matter of collecting long pending GIDC amount is of utmost importance. But, in contrast to what happened in its earlier days of collection of this levy, the sum should not be thrown into the fiscal black hole;…

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Government slashes petrol price by Rs12.63 per litre

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Addressing his maiden press conference after assuming the charge, the finance minister also announced the extension in income tax returns filing till October 31. The government last revised fuel prices on September 21 when it announced an increase of Rs1.45 per litre in the price of petrol. The high-speed diesel (HSD) price was kept unchanged by adjusting the petroleum levy (PL) and other margins on petroleum products with effect from September 21 till 30th. On September 2, the federal government jacked up the rate of petroleum levy (PL) on petrol…

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