Year: 2022

Investors from Oman have expressed their keen interest in investment in Pakistan’s Railway Infrastructure Development and Power projects.

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A delegation of Omani investors, under the chairmanship of Al Anvwar Asian Investments, Dr. Anwar Al Balushi, met with Minister for Board of Investment Chaudhary Salik Hussain in Islamabad and informed him about their possible investment. The delegation expressed their interest in the construction of a 1,087-kilometer-long rail track from Gwadar to Jacobabad, Sindh. Anvwar Asia Investment Company, which is renowned as a top global facilitator in project financing, also signed a memorandum of understanding earlier this year with Pakistan Railways. It was assisted by Railcop, which prepared a feasibility…

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Oil Drops 5% On Disappointing Economic Data From China

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Oil prices fell sharply on Monday, dragged down by disappointing economic data from the world’s largest crude oil importer and the world’s second-largest crude oil consumer. The price of WTI and Brent crude fell by more than 5% as China’s central bank cut lending rates to light a fire under demand, as its July economic data soured on the back of China’s restrictive zero-Covid policy. Further dragging down China’s July economic data is its property crisis, which saw property investments fall by 12.3% in July—the fastest rate this year. Both…

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Oil industry gears up to tap U.S. climate bill for carbon capture projects

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Tax credits in the $430 billion U.S. climate and tax bill set to be signed into law this week will kickstart carbon sequestration projects, say oil and gas proponents, offsetting startup costs for some of the anti-pollution initiatives. Carbon capture and storage hubs that take gases from chemical, power and gas producers and oil refineries have become the energy industry’s preferred way to combat climate warming. But large-scale development has snagged over costs and lack of guaranteed revenue. The Biden administration’s Inflation Reduction Act, which was approved by lawmakers last…

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RLNG prices for August reduced by up to 2.92pc MoM

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The government on Monday revised down the prices of RLNG (re-gasified liquefied natural gas) by up to 2.92 percent month-on-month for August 2022, amid a minute decline in international crude prices and low procurement of pricey Spot LNG cargo. Last month, the government did not make a spot purchase, however, this month only one such cargo was procured. The RLNG will cost consumers of public gas utilities 2.92 percent less in August 2022 than it did in June for SNGPL consumers and 2.77 percent less for SSGC clients, an Oil…

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Descon records high growth in revenues

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Pakistan’s leading large-scale engineering company, Descon Engineering Limited (DEL), recorded significantly high growth in revenues on the back of major projects in domestic and overseas geographies as per its FY 2021-22 performance indicators. DEL engineered equipment for the Oil and Gas sector in Qatar, Iraq, Bahrain, UAE, Oman, Eastern Europe and Pakistan. It also engineered equipment for refineries in Saudi Arabia, Bahrain, UAE, Yemen, Oman and Russia. The company’s engineering services arm, Descon Engineering Services and Technology (DEST), also performed well in serving clients in Saudi Arabia. Buoyed by its…

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