Year: 2022

Prime to buy 100pc of Eni’s business

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In a statement to the bourse on Thursday, Hub Power Company Limited (Hubco) announced that Prime, a 50-50 joint venture between Hub Power Holdings Limited (a fully owned subsidiary of Hub Power Company Limited) and the Eni’s Employee Buy-out Group, entered into four sale purchase agreement with Eni International BV, Eni Oil Holdings BV, Eni UK Limited and Eni ULX Limited for the purpose of acquiring Eni’s business in Pakistan. Eni, a global energy company, has been operating in Pakistan in the exploration and production sector for more than a…

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UK Faces Record Hit to Living Standards as Tax Hikes Loom

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Britain faces a record hit to living standards this year as surging inflation erodes incomes, the country’s budget forecasters warned, after finance minister Jeremy Hunt announced more pain, with tax rises now and spending cuts further ahead. In a bid to restore Britain’s fiscal reputation after the chaos caused by former prime minister Liz Truss’s plans for sweeping tax cuts, Hunt outlined a budget programme on Thursday to save 55 billion pounds a year to fix the public finances. Almost half the belt-tightening is due to come from tax increases,…

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LONGi Unveils its Latest Technological Innovation to Help Promote Solar Green Energy in Pakistan

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LONGi recently held an event to formally launch its new generation of module products for the promotion of clean solar energy in Pakistan. The event was attended by a large number of partners and prospective clients of LONGi in Pakistan who were informed about the latest technological developments for maximizing the use of clean solar technology for a very large potential customer base in the country. In his introductory speech, the Country Manager of the leading clean energy company in Pakistan, Ali Majid, told the audience that LONGi was committed…

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Chevron Phillips, Qatar Energy bet on $8.5bn plastic plant in Texas

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Chevron Phillips Chemical and QatarEnergy on Wednesday said they have reached a final investment decision to build an $8.5 billion polymers facility in Orange, Texas. The agreement is part of a larger move by oil companies preparing for a future in which oil is used less to produce energy but still indispensable for making non-energy goods such as plastics, a type of polymer. The facility is expected to be operational in 2026. It will make polyethylene, the most common plastic, for production of goods from coolers, to water or gas…

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Why LNG Spot Prices Don’t Reflect Soaring Demand

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In the past and under normal circumstances, spot LNG has experienced peaks and troughs in demand and pricing mostly based on seasonal peaks for summer and winter in the main northern hemisphere markets of Europe and North Asia. However, the current LNG market has continued to defy these conventions, with the spot price softening considerably ahead of winter despite heightened demand. The price of JKM contracts ended at $27.23 per million British thermal units (mmBtu) on Monday, 61% lower from the record high of $69.96 per mmBtu reached on Aug.…

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