Year: 2022

PM seeks end to power cuts by May Day

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Mr Sharif ordered that even high loss-making areas be provided with full power supply during this period, even though he was alerted that it would have an additional impact on tariff. It is expected that the power sector will start receiving about 700 mmcfd of LNG instead of about 500 mmcfd at present. Secondly, the prime minister also asked the finance ministry to provide funds to the power sector as per agreed timelines to facilitate urgent maintenance and repairs and payments to fuel suppliers and independent power producers (IPPs). The…

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PIA Gets New CEO as Air Marshal Arshad Malik Completes Tenure

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Pakistan International Airlines (PIA) Chief Executive Officer (CEO) Air Marshal Arshad Malik has completed his tenure after being appointed at the slot in 2018. He would be replaced by Air Vice Marshal Aamir Hayat. The PIA through its Twitter handler made the announcement saying that Malik completes his tenure as the CEO and bids farewell with a wish for a great and prosperous future for PIA and Pakistan. A spokesman for PIA said that they had issued advertisement for the appointment of new CEO of the national flag carrier. Air…

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Russia cuts natural gas to 2 NATO nations in escalation

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Russia cut off natural gas to NATO members Poland and Bulgaria on Wednesday and threatened to do the same to other countries, dramatically escalating its standoff with the West over the war in Ukraine. European leaders decried the move as “blackmail.” A day after the U.S. and other Western allies vowed to speed more and heavier weapons to Ukraine, the Kremlin used its most most essential export as leverage against two of Kyiv’s staunch backers. Gas prices in Europe shot up on the news. The tactic could eventually force targeted nations to…

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Oil giant Shell feels heat over giant $21 billion Prelude floating LNG plant

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When Dutch-Anglo oil giant Shell decided to build a massive floating gas factory known as Prelude in 2011, it was billed as the dawn of a new era for the industry. Australia was midway through a once-in-a-lifetime $300 billion splurge that would make the country the world’s biggest producer of super-chilled, shipped gas. Floating gas plants were supposed to be the logical evolution, vacuuming up gas wherever they went and making fortunes for shareholders and taxpayers. But barely a decade later, Prelude has been racked by cost and time blowouts,…

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Moody’s Forecasts Record Oil And Gas Profits, Free Cash Flow

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Moody’s Investor Service has upgraded its outlook for the global energy industry from “neutral” to “positive”, forecasting “record profit and free cash flow” for exploration and production companies in 2022, thanks to a combination of strong commodity prices and spending discipline. The ratings agency expects oil and gas supply constraints to keep prices high for twelve to eighteen months. Beyond that, Moody’s said the “pace of improvement” with regard to earnings will start to slow by next year. It’s not only exploration and production companies that are expected to show…

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