Day: December 2, 2022

The Race For Space-Based Solar Power Is Underway

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There’s a new kind of space race unfolding. This time it’s not a battle between world superpowers or enterprising tech billionaires, it’s a rush to shore up future energy security. A recent experiment by European aerospace giant Airbus has shown that beaming solar power directly to Earth from outer space could be a real possibility – and it wouldn’t be any more expensive than our existing energy infrastructure down here on Earth. While it sounds like something straight out of science fiction, scientists across the world clearly think it could…

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EU Agrees To $60 Oil Price Cap

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The European Union tentatively agreed to set the price cap on Russian crude oil at $60 per barrel, an EU diplomat told Reuters on Thursday. The deal must first be agreed to by Poland, who had pushed for capping Russian crude oil prices at the lowest level possible, then by all EU governments by writing by the Friday deadline. The United States warned the EU on Thursday that the $52 cited recently for Urals crude oil may not reflect the overall level at which Russian oil has been trading. An…

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Russian Upstream Oil And Gas Investment Set To Plunge By $15 Billion

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Investment in the upstream oil and gas industry in Russia could decline by $15 billion this year as a result of Western sanctions, Rystad Energy has calculated, saying the total for the year could end up around $35 billion. The analytical firm noted that Russian upstream investments stood at $45 billion last year, increasing from $40 billion in 2020. Before Russia’s invasion of Ukraine, upstream investments in the country were expected to rise to $50 billion in 2022, but sanctions have begun to bite and investment is set to decline substantially…

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Pakistan needs 10-year economic framework to steer out of crisis

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Federal Minister of Planning and Development Ahsan Iqbal on Thursday said that the country needed a ten-year economic framework with the consensus of all the stakeholders to steer it out of the crisis. Speaking at the Karachi Chamber of Commerce and Industry (KCCI), Iqbal said that the present government has been focusing on Tax, Investment, Export and Remittances (TIER) policy to achieve real economic growth. “The country can progress only through substantial increase in the export,” he said, and noted that private and public sector has to work jointly to…

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HSD, SKO & LDO: PL increased to generate Rs36.199bn

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The federal government has increased petroleum levy on High Speed Diesel (HSD) by 98 percent, 17 percent on Kerosene Oil (SKO) and on Light Diesel Oil (LDO) by 94 percent projected to generate Rs 36.199 billion for the first fortnight of December (1-15). The petroleum levy on petrol remained unchanged as it was already at the highest level possible under current legislation – at Rs 50 per litre. The Oil and Gas Regulatory Authority (Ogra) had recommended a decline in prices of all petroleum products as follows: price of petrol…

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