Year: 2022

Punjab to receive cheaper gas

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Punjab, the gas-starved province, is set to receive cheaper gas supplies after the Senate on Thursday passed a bill for applying the weighted average cost of gas (Wacog). In addition, the law will help the government to reduce circular debt in the gas sector while the share of liquefied natural gas (LNG) in gas supply will increase. At present, the share of LNG in gas supply stood at 24% in Pakistan despite the fact that different countries use only 5-6% as an ad hoc arrangement. Pakistan State Oil (PSO) and…

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Senate passes OGRA bills in shock govt victory

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The opposition on Thursday suffered a defeat in the Senate despite its numerical majority as the government managed to have three bills passed by the house. During key the legislation, the opposition parties were unable to show their majority as the treasury benches went on to have two amendment bills to the Oil and Gas Regulatory Authority (Ogra) Ordinance passed as well as the Allied Health Professional Council Bill. Before the introduction of the Ogra (Amendment) Bill, 2022 and the Ogra (Second Amendment) Bill, 2022 in the house for their…

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Work begins on world’s largest PV system on a stadium roof

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Around 6,000 solar modules from Meyer Burger will cover almost the entire roof area of the Europa-Park stadium. German football club SC Freiburg has announced that a 2.4MW rooftop solar array is currently under construction on the roof of its Europa-Park stadium. Swiss solar manufacturer Meyer Burger Technology has provided its heterojunction panels for the project, which is claimed to be the world’s largest PV system built on a stadium roof to date. The project was selected in a tender for commercial PV projects recently held by the German federal…

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Surprise Crude Build Fails To Derail The Oil Rally

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Crude oil prices moved slightly higher today after the Energy Information Administration reported a crude oil inventory build of 1.1 million barrels for the week to February 11. This compares with a draw of 4.8 million barrels estimated for the previous week and an estimated 1.076-million-barrel inventory decline for last week as reported by the American Petroleum Institute on Tuesday. In gasoline, the EIA estimated an inventory decline of 1.3 million barrels for the week to February 11, which compared with a draw of 1.6 million barrels for the previous…

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No let-up in gas crisis: LNG firms renege on commitment to provide cargoes

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 The ongoing gas crisis is unlikely to subside when the mercury rises as LNG trading companies, Italy-based ENI and Singapore-based GUNVOR, have cancelled their term LNG cargoes, which were scheduled to be delivered in the first and second week of March 2022 respectively. This will be the fourth time when ENI will back out of delivering the term LNG cargo. However, GUNVOR will default for the second time as it earlier defaulted in November 2021. Both the LNG trading companies have emerged as habitual defaulters, which is simply unacceptable,” a…

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