This week saw two documents published by two government departments: the European Commission in Brussels and the Department of Treasury in Washington. The Commission’s document was a proposal for “a new instrument” aimed at limiting excessive gas prices in Europe. The Treasury’s document was guidance on the implementation of a price cap policy towards crude oil originating in the Russian Federation. Both were slammed…
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Oil stocks have continued to show a peculiar disconnect from the commodity they track, with oil equities staging a powerful rally even as oil prices have fallen sharply since the last OPEC meeting. Over the past two months, the energy sector’s leading benchmark, the Energy Select Sector SPDR Fund (NYSEARCA: XLE), has climbed 34% while average crude spot prices have declined 18%.…
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Contrary to much decarbonization hype, jumping on the green hydrogen bandwagon is not a silver bullet solution to climate change. In fact, it’s a double-edged sword. A versatile energy carrier, hydrogen is projected to play a major part in decarbonization of global manufacturing and industrial supply chains, but its production, transport, and conversion require major inversions of energy and investment…
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From being applauded for taking the “difficult” decisions to taking none at all – life has come full circlet for the government. The inability to rationalize gas prices was (rightly) dubbed as one of the key reasons why the energy sector is in such a mess. The blame was put on the previous government, which failed to act upon the…
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Over half a dozen Development Finance Institutions (DFIs) have sought amendments in pacts with Independent Power Producers (IPPs) to replace USD LIBOR with Secured Overnight Financing Rate (SOFR), to be applicable from June 30, 2023, sources close to Chairman NEPRA told Business Recorder. Development Finance Institutions (DFIs ) comprise of Asian Development Bank (ADB), British International Investment plc (BII), Deutsche Investitions…
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Pakistan’s official delegation will leave for Moscow on Monday (today) on a three-day visit for talks with the Russian authorities to explore possibilities of import of crude oil at a discounted price, mode of payment, and shipment cost, etc. “Both sides would also deliberate on futuristic cooperative areas including two gas pipelines that include the much-touted Pakistan Stream Gas Pipeline…
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The FFBL Power Co. Ltd. (FPCL) signed a Memorandum of Understanding with Sindh Engro Coal Mining Company (SECMC) for the use of Thar coal in the company’s power plant in Karachi. According to Gwadar Pro, it was stated by the two companies in separate statements. In Karachi, FPCL operates a 118-megawatt coal-fired power plant next to the Fauji Fertilizer Bin…
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Sindh Minister for Information, Transport and Mass Transit Sharjeel Inam Memon has announced that a modern, affordable and environment-friendly electric taxi service would soon be launched from Karachi, which would be extended to other major cities of the province. The minister made this announcement while talking to the media persons after inspecting under construction Bus Rapid Transport Red Line project…
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Ecosystem degradation through the depletion of natural resources like water, air, soil and habitat is bringing about destructive effects on the environment endangering biodiversity, wildlife and food security. With the rising population and availability of meager resources to excel in this domain, the environmental issues continued to aggravate over the years. Massive tree cutting resulting in floods, using agricultural land…
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