Saudi Aramco and Reliance Industries are abandoning a deal under which the Saudi oil giant was to buy a 20% stake in Reliance’s refining and chemical business, called Oil to Chemicals. The business has annual sales of about $43 billion, about a third of which is chemicals. In 2019, Aramco proposed to buy the stake for about $15 billion as…
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The OPEC+ organization’s decision this week to cut oil production despite stiff US opposition has further strained already tense relations between President Joe Biden’s White House and Saudi Arabia’s royal family, once one of Washington’s staunchest Middle East allies, according to interviews with about a dozen government officials and experts in Washington and the Gulf. The White House pushed hard to…
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The China-built 344-MW Kokhav Hayarden pumped storage hydropower plant, located near the city of Beit She’an and some 120 kilometers away from Tel Aviv, is expected to be the largest pumped storage power plant in Israel when it becomes operational in early 2023. It will also become the lowest power plant of its kind in the world, as the powerhouse lies 275 meters…
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In a bid to provide relief to the business community, Finance Minister Ishaq Dar Sunday announced that the pending payments of letters of credit (LCs) worth $50,000 will be cleared this week. Addressing a press conference, Dar revealed that the decision to provide relief has been taken after consultations with the State Bank of Pakistan (SBP) Governor Jameel Ahmed. The…
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Prime Minister Shehbaz Sharif on Saturday directed the authorities concerned that uninterrupted gas supply to consumers should be ensured in the winter season. He passed the directive while chaired a meeting in Lahore on Saturday regarding the supply of gas. Finance Minister Ishaq Dar, Minister for Petroleum Musadik Malik, Adviser to the PM Ahad Cheema and other officers attended the…
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The Sui Southern Gas Company (SSGC) has repaired a gas pipeline damaged during excavation for laying water piped in the Block 15 of Gulistan-eJauhar on Friday. However, residents complained of delay in response by the utility service. The residents of Gulistan-eJauhar Block 15 were forced to take to the streets due to the negligence of gas company in repairing a…
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Prime Minister Shehbaz Sharif on Monday said that amid the skyrocketing fuel prices, cheaper energy production from Thar coal mines project would prove a “game-changer” for the development of the entire country. Addressing the inauguration of the commercial operations of Phase-II of Sindh Engro Coal Mining Company (SECMC) during his visit to Thar Coal Mines Block-II, the prime minister said…
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With fall being felt and winter on the way, European countries are worried how they will make it through the cold months ahead with less energy on hand. The war on Ukraine and Russia throttling supplies have pushed up prices sharply. Governments and the public are grappling with what measures to take and how much daily life will change. UK…
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Some government high-ups are allegedly exercising their influence to clear the way for a liquefied natural gas (LNG) terminal to enhance its capacity, a move that may spark some controversy. Engro Elengy Terminal Private Limited (EETPL) is making efforts to replace its existing Floating Storage and Re-gasification Unit (FSRU), which handles LNG imports, with a bigger one to enhance its…
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