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…
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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…
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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…
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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…
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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…
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The timeline of the initiation of work on gold and copper mines in Reko Diq in Balochistan’s Chagi district has yet to be announced. But with the Supreme Court clearance and adoption of the relevant resolutions in Sindh and Balochistan and the ratification of the deal by the federal cabinet and Senate, all roadblocks in making the deal operational have been removed. Both…
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In the absence of any systemic or meticulous approach to tackling deep-seated woes, the overall economic outlook appears to be blurred or bleak. But the firefighting mode is helping to superficially ease pressures on the external sector, possibly for a brief spell, while curbing domestic demand of imported goods/services amidst sliding GDP growth. However, the risk of foreign debt default…
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DUBAI, Qatar posted a budget surplus of 30 billion riyals ($8.19 billion) for the third quarter of 2022, boosted by rocketing oil and gas revenues, the state news agency said on Tuesday, citing data from the finance ministry. The surplus in the same period in 2021 stood at 900 million riyals. Government figures showed that spending in the third quarter…
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On Wednesday, Airbus revealed in a press release that it was developing a hydrogen-powered fuel cell engine as one of the potential solutions to equip its zero-emission aircraft that will enter service by 2035. The next steps will be for Airbus to start ground and flight testing this fuel cell engine architecture onboard its ZEROe demonstrator aircraft. The A380 MSN1…
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