Year: 2022

The U.S. should set a price cap on U.S. LNG going to Europe, as American gas is being delivered to Europe at prices four times higher than the price for domestic consumption, Russian Deputy Prime Minister Alexander Novak said in an interview with Russian state television. “We would advise our US partners to set a certain cap price for the resources they are supplying to Europe. This only pushes Europe toward energy poverty,” said the Russian official who represents the country at the OPEC+ meetings. Novak, commenting on the U.S.-proposed price cap…

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President Malpass expressed his condolences for the loss of lives and livelihoods due to the devastating floods. President Malpass highlighted that Pakistan is among the countries most affected by climate change causing devastating damage to infrastructure and agriculture production. President Malpass reaffirmed the World Bank Group’s (WBG) ongoing commitment to support urgent needs in health, food, shelter, and cash transfers, as well as accelerating the preparation of new operations to rebuild in a more resilient way. President Malpass noted the WBG’s active engagement in raising assistance from bilateral donors. President…

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Oil falls on fe Oil prices fell about 2% on Tuesday, extending the previous session’s almost 2% decline, as recession fears and a flare-up in Covid-19 cases in China raised concerns over global demand. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation remained a continuing problem. Brent crude was down $1.62, or 1.7%, to $94.57 a barrel by 1614 GMT. US West Texas Intermediate crude dropped $1.72, or 1.9%, to $89.41. “There…

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Our government has recently announced that it intends to install 10,000 MW of photovoltaic (PV) systems in the country on a fast-track basis. According to media reports, these installations will include rooftop PV systems in residential, commercial, and government buildings, agricultural tube-wells, and on a couple of thousand 11 kV distribution feeders. The motivation behind this initiative is the government’s desire to reduce the country’s present dependence on imported fuels whose prices have sky-rocketed in the aftermath of Russia’s invasion of Ukraine and threaten the economic stability and security of the country.…

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The federal cabinet on Tuesday decided to form a committee for preparing long-, medium- and short-term strategies for energy conservation in the country.https://5ce35a8fb791039a2c509244b4f2ad52.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html The committee, headed by Minister for Defence Khawaja Asif, will review the energy efficiency and conservation measures implementation roadmap prepared by the Ministry of Power. The committee would also include federal ministers Syed Naveed Qamar, Syed Murtaza Mahmood, Khawaja Saad Rafique, Ahsan Iqbal, Azam Nazir Tarar, Marriyum Aurengzeb, Sherry Rehman and Chaudhry Salik Husain. Chairing the cabinet meeting, Prime Minister Shehbaz Sharif advised the Power Ministry to give a detailed…

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