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…
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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…
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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…
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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…
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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,…
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Leading rickshaw manufacturer, Sazgar Engineering Works Limited (SEWL) announced on Wednesday that it will be launching Pakistan’s first locally assembled hybrid electric vehicle (HEV) under the brand name ‘Haval’ on November 17, 2022. In a notice to the Pakistan Stock Exchange (PSX), the company said, “We are pleased to inform you that the company has successfully assembled/ manufactured locally the…
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The World Bank is to formally hand over to the Court of Arbitration (CoA) and Neutral Expert (NE) on November 21, 2022, the documents related to the dispute between Pakistan and India on the designs of controversial projects — 330 MW Kishenganga and 850MW Ratle Hydropower projects. The expert teams of both the parties to the dispute, Pakistan and India,…
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Power Division has refused to collect furnace oil (FO) from local refineries for power plants if they did not come on the merit list, The News learnt on Wednesday.The piling up of furnace oil at local refineries, especially at Attock Refinery Limited (ARL) has turned into a crisis for the local refining sector. A meeting of local refineries was held…
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The country’s oil industry on Wednesday protested over the “manipulation” of the pricing mechanism by the government in its latest fortnightly review to maintain existing ex-depot rates of petroleum products for the next 15 days. “This forced stabilisation of oil prices at the cost of the industry is not sustainable and will severely impact the already crippled oil industry,” wrote…
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