Year: 2022

EU energy crisis plan: gas price renegotiation and windfall taxes

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In her annual state of the union speech, European Commission president Ursula von der Leyen set out major energy market interventions to manage high prices The European Commission has stepped back from earlier plans to cap the price of Russian gas, proposing instead to set up a new task force with EU member state representatives that will attempt to negotiate deals with key suppliers such as Norway. In her annual state of the union speech before the European Parliament in Strasbourg on Wednesday (14 September), Commission president Ursula von der…

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Oil Gains On Crossed Economic Wires

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Continued volatility has seen oil prices gain 1% on Wednesday, as the market attempts to decipher the latest demand growth, US crude inventory data, inflation indications and the impact of China’s COVID lockdowns. As of 3:33 p.m. EST on Wednesday, Brent crude was trading up $0.53, at $93.73, for a 0.60% gain on the day. WTI was trading up $0.83, at $88.14, for a 0.95% gain on the day. Oil prices appear to be reacting, in part, to Wednesday’s release by the Bureau of Labor Statistics of the Producer Price…

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The Energy Market’s Next Crisis: Oil Tanker Shortages

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In the new era of energy shortages, one aspect of the situation has tended to get overlooked: the transport of energy. Demand for tankers has been on the rise since the European Union slapped sanctions on Russia in the spring, and this trend is only going to intensify in the coming months as the EU embargo on Russian oil and fuels enters into effect. Bloomberg reported this week that shipping companies were scrambling to get their hands on as many ice-class tankers as they could ahead of the embargo, which comes into…

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Fortescue looks to build 9.2GW wind and solar green hydrogen project in Egypt

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Andrew Forrest’s Fortescue Future Industries says it is looking to build a 9.2GW wind and solar facility that will power green hydrogen production in Egypt, and could also include local manufacturing facilities for wind and solar. Forrest and his team from FFI, the billionaire’s newly formed green energy venture, are on yet another global tour scouting for opportunities to meet his ambition of producing 15 million tonnes of green hydrogen a year by 2030. The newly revealed 9.2GW project – and other green energy opportunities – were discussed over the…

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Pakistan’s current engagement with FATF and progress in AML/CFT domain, the Spokesperson stated the following:

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Pakistan’s current engagement with FATF and progress in AML/CFT domain, the Spokesperson stated the following: Pursuant to the authorization of Onsite Visit by FATF Plenary in June 2022, an FATF technical team recently visited Pakistan and held detailed discussions with relevant agencies. From our perspective, it was a smooth and successful visit. The focus of the visit was to validate on ground Pakistan’s high-level commitment and sustainability of reforms in our AML/CFT regime . The meetings with FATF team were held in a constructive and positive atmosphere. The Report of…

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