Day: November 17, 2022

Chevron Phillips, Qatar Energy bet on $8.5bn plastic plant in Texas

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Chevron Phillips Chemical and QatarEnergy on Wednesday said they have reached a final investment decision to build an $8.5 billion polymers facility in Orange, Texas. The agreement is part of a larger move by oil companies preparing for a future in which oil is used less to produce energy but still indispensable for making non-energy goods such as plastics, a type of polymer. The facility is expected to be operational in 2026. It will make polyethylene, the most common plastic, for production of goods from coolers, to water or gas…

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Why LNG Spot Prices Don’t Reflect Soaring Demand

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In the past and under normal circumstances, spot LNG has experienced peaks and troughs in demand and pricing mostly based on seasonal peaks for summer and winter in the main northern hemisphere markets of Europe and North Asia. However, the current LNG market has continued to defy these conventions, with the spot price softening considerably ahead of winter despite heightened demand. The price of JKM contracts ended at $27.23 per million British thermal units (mmBtu) on Monday, 61% lower from the record high of $69.96 per mmBtu reached on Aug.…

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Romania And Azerbaijan Aim To Build New LNG Project In Black Sea

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On October 19, Romania’s Romgaz and Azerbaijan’s Socar inked a memorandum of understanding expressing an intention to “explore the opportunity of jointly developing a liquefied natural gas project [LNG] in the Black Sea” (Romgaz.ro, October 19). Both parties committed to preparing a comprehensive feasibility study; however, this concept is not new, as the Black Sea LNG Project (as coined by Romgaz) has been discussed for over a decade already. According to the official Romgaz press release, the Black Sea LNG Project will consist of “an LNG liquefaction plant, a regasification plant,…

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Balochistan to get $32b in 47 years from Reqo Dik

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The lawyer representing the Balochistan government on Wednesday told the Supreme Court that the province would receive $32 billion in 47 years from the Reqo Dik project. Salahuuddin Ahmed further told a five-judge larger bench, headed by Chief Justice of Pakistan (CJP) Umar Ata Bandial — hearing a presidential reference on the project — that 25% of the proceeds gained from the gold mine project belonged to the provincial government. Of this 25% share, 15% would be held by a holding and offshore company of Balochistan, he added. Salahuuddin further…

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Consumers Brace for Gas Outages

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oil

Domestic consumers are bracing for long hours of gas outages as they are likely to receive supplies for only eight hours a day to meet cooking needs when the winter season hits its peak next month. Sources told The Express Tribune that the main problem would be encountered on the Sui Northern Gas Pipelines Limited’s (SNGPL) network, particularly in Punjab, due to the scarcity of gas. Punjab’s own gas production stands low when compared with other provinces which include Khyber-Pakhtunkhwa (K-P), Sindh and Balochistan. Under Article 158 of Pakistan’s constitution,…

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