Year: 2022

Energy crisis: Six things you need to know about the EU’s gas storage

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Countries are rushing to fill their underground facilities ahead of the winter season in a bid to prevent widespread industrial paralysis and more energy poverty. The need to store gas has become a national security priority in the wake of Russia’s war in Ukraine, with the possibility of a complete suspension of Russian flows looming over the EU.The indefinite shutdown of the Nord Stream 1 pipeline has only raised fears of an imminent worst-case scenario, driving prices further up. Governments are now going on a shopping spree to stock as…

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Oil edges up from 7-mth low as Russia threatens export halt

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Crude prices edged up about 1% on Thursday after dropping to a seven-month low in the prior session after Russia threatened to halt oil and gas exports to some buyers. That price increase came despite a surprise build in U.S. crude inventories last week and concerns that China’s extension of COVID-19 lockdown measures would slow global economic activity and hit fuel demand. U.S. crude stockpiles surged by nearly 9 million barrels last week due to a combination of increased imports and ongoing releases from government emergency reserves, the Energy Information…

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Wapda Plans To Enhance Storage Capacity Of Hub Dam

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Chairman WAPDA Lt Gen (r) Sajjad Ghani Thursday visited Hub Dam, constructed across River Hub, 56km north east of karachi. He had detailed round of various components of the dam during the visit. GM Projects (South) and Project Director Hub Dam briefed the chairman about safe and effective operation of the dam during the torrential monsoon rains in July and August in the catchment area located in Balochistan and Sindh. The dam successfully stored the flood water and helped control its devastating impact downstream of Hub and Karachi. WAPDA is…

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NEPRA Urged to Set Fixed Charges On Max Demand

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Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has demanded National Electric Power Regulatory Authority (NEPRA) reinstate past mechanism for fixed charges based on actual maximum demand and the units consumed, a press release revealed on Thursday. “The current practice of fixed charges based on 50 percent of sanctioned load defies all logic and fair practice,” said FPCCI president Irfan Iqbal Sheikh. The past mechanism for fixed charges based on actual maximum demand and the units consumed should immediately be reinstated for electricity billing, he demanded. “The business environment…

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Mari temporarily suspends gas production operations in Balochistan

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Mari Petroleum Company Limited on Thursday announced a temporary suspension of production operations at its Zarghun South Gas Field and Ziarat Block after flash floods adversely impacted gas pipelines and road infrastructure in Balochistan. As per a notice sent to the Pakistan Stock Exchange (PSX), MPCL, which is the operator of Zarghun South Gas Field and Ziarat Block in Balochistan with 35% and 60% working interests, respectively, informed that ongoing torrential rains and flash floods in Balochistan have severely impacted the gas pipeline and road infrastructures around Zarghun South Gas…

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