It’s been two years since British oil and gas supermajor BP Plc. (NYSE: BP) dramatically declared that the world was already past Peak Oil demand. In the company’s 2020 Energy Outlook, chief executive Bernard Looney pledged that BP would increase its renewables spending twentyfold to $5 billion a year by 2030 and “… not enter any new countries for oil and gas exploration”. That announcement came as…
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Windfall taxes, power rationing, and price caps on imported gas: these are the main ideas the European Union has produced as it struggles to contain an energy shortage that has spiraled out of all reasonable proportions. The block has managed to fill its gas storage ahead of the deadline and above target levels, and this is perhaps the only piece…
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World Bank (WB) is likely to allow 22 months extension on the closing date of the $425 million National Transmission Modernization I project (NTMP-1) to regulate delays on different accounts. The World Bank’s Country Director, Najy Benhassine in a letter to Secretary Economic Affairs, Dr Kazim Niaz has shared the Aide Memoire of the World Bank team that conducted a…
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A delegation from the Pakistan Army’s School of Artillery visited Cnergyico’s oil refining complex (formerly Byco Petroleum) in Hub – Balochistan. The delegates were received by Company’s senior executives and were given a detailed briefing on the refinery operations and future plans. Cnergyico’s oil refining complex is capable of processing up to 156,000 barrels per day of crude oil to…
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The United States (US) has reportedly showed willingness to allow trade of Russian oil at discounted rates for a specific period, well informed diplomatic sources told Business Recorder. In case of Pakistan, US Embassy in Islamabad has expressed willingness to meet the officials of Petroleum Division to explain to them the mechanism to cut a short-term cut rate deal for Russian…
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State-owned gas marketing firm Sui Southern Gas Company (SSGC) has decided to diversify its business, as the company has announced that it will start power production following a continuous drop in gas supplies from domestic fields. Its subsidiary company will also work on projects like producing gas from coal, biogas, bio-methane and hydrogen gas. “SSGC Alternate Energy (Pvt) Limited, a…
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The hydel generation capacity of Tarbela Dam will touch 6418 MW from the existing 4888 MW with the completion of 5 th Extension Hydropower Project (T-5) scheduled to be completed in 2025. The under-construction (T-5) will add 1530 MW to the already installed capacity of 4888 MW, sources told APP here. They said before commissioning of Tarbela 4th Extension, the…
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National Electric Power Regulatory Authority (Nepra) has reportedly accused Ministry of Energy of passing “unjustified” financial burden of Rs 30 billion to consumers by not supplying required RLNG or operating of inefficient/ expensive power plants during the last two years, well informed sources in Nepra told Business Recorder. The power regulator, sources said, has written a letter to Secretary Power…
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The government has approved one year extension to the Financial closing date of Thar Coal Block-1 Power Generation Company, well informed sources told Business Recorder. M/s Thar Coal Block-I Power Generation Company (Pvt,) Limited was issued a Letter of Support (LoS) on July 20, 2016 which was amended on September 15, 2017, January 12, 2018, August 17, 2018, February 22,2019,…
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