Reliance, Aramco abandon deal

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 part of a push to diversify its assets beyond oil and gas exploration in Saudi Arabia. But subsequent negotiations failed to yield a definitive pact. Reliance is also canceling plans…

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OPEC+ oil output cut shows widening rift between Biden and Saudi royals

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 prevent the OPEC output cut, these sources said. Biden hopes to keep US gasoline prices from spiking again ahead of midterm elections in which his Democratic party is struggling to maintain control…

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China-built largest pumped storage power plant in Israel in full swing

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 below sea level, according to building contractor Power Construction Corporation of China (PCCC). Chinese construction engineers take a group photo at the Kokhav Hayarden pumped storage hydropower plant construction site…

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LCs worth $50,000 to be cleared this week, announces Ishaq Dar

Ishaq Dar

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 finance minister said that next month, before leaving for Washington to meet the International Monetary Fund (IMF) officials, the SBP chief will pass on these instructions to clear LCs as…

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PM wants uninterrupted gas supply in winter

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 meeting. The representatives of Sui Northern Gas and Sui Southern Gas Pipelines attended the meeting and PM ordered the supply of gas to domestic consumers according to their needs. It…

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