Day: December 19, 2022

The Era Of Cheap Oil Has Come To An End

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oil

In its latest monthly report, OPEC revealed it had yet again failed to produce as much oil as it agreed to produce the last time it discussed output. And it wasn’t by a few thousand barrels per day, either. The shortfall was some 1.8 million barrels daily, but more importantly, that sort of undershooting of its own target has become a regular thing for the cartel. Meanwhile, the United States federal government needs to buy some oil for its strategic petroleum reserve after releasing close to 200 million barrels from it this year…

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SSGC suspends supply to captive power sector

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The Sui Southern Gas Company has implemented the load management plan, while suspending the gas supply to the captive power sector after CNG. The gas supply to the captive power plants will be cut off for 24 hours and CNG stations will also experience gas suspension for three days from Friday. The gas supply to both sectors will be restored on Monday at 8 am. According to the spokesperson of SSGC, the domestic consumers’ demand has increased in the Balochistan region. It merits here to mention that the gas load-shedding…

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PEC, PEDO team up to launch internship scheme for engineers

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Pakhtunkhwa Energy Development Organization (PEDO) and Pakistan Engineering Council (PEC) have signed an agreement to start an internship program for fresh graduate engineers, said a press release issued here on Sunday. Under the agreement, PEC registered newly qualified engineers will be given one year training in PEDO and pay Rs.30,000 per month a stipend jointly. The main objective of the program is to eliminate unemployment in the skilled class and to introduce skilled and trained engineers in the development process, which will usher in a new era of development in…

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SABIC, Aramco, Sinopec to assess viability of developing petrochemical complex

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Saudi Basic Industries Corp. has signed a memorandum of understanding with energy giant Saudi Aramco and China Petroleum & Chemical Corp., known as Sinopec, to assess the economic and technical feasibility of developing an integrated petrochemical complex with an existing refinery in Yanbu. In a statement given to the Saudi Stock Exchange, SABIC noted that this MoU would be valid for 18 months.   The signing of the MoU comes just a few days after China reinforced its relationship with Saudi Arabia during Chinese president Xi Jinping’s visit to the Kingdom.   Jinping noted that China will also expand oil…

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Import of LNG: PLL likely to ink accord with SOCAR

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The government is likely to allow Pakistan LNG Limited (PLL) to sign pact with Azerbaijani company M/s SOCAR/ SOCAR Trading for import of one LNG cargo monthly, sources close to Minister of State for Petroleum and Natural Resources told Business Recorder. Pakistan State Oil (PSO) and Pakistan LNG Limited (PLL) are importing Liquefied Natural Gas (LNG) under long-term LNG supply contracts to minimise gas demand supply gap under three pacts. The first long-term agreement had been signed by PSO with Qatar Gas in 2015 at 13.37 per cent of price (slope…

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