New York: Oil prices rose about one per cent on Wednesday on worries about the conflict in the Middle East escalating. Limiting gains, the United States reported increased crude stockpiles as demand worries stemming from gloomy economic prospects in Europe weigh. Brent futures rose $1.07, or 1.21pc, to $89.14 a barrel at 1:16 p.m. (1716 GMT). US West Texas Intermediate (WTI) crude rose 69 cents to $83.74.
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Recent deals a financial flex by US oil, gas firms that keep investing in fossil fuels HOUSTON: Chevron agreed to buy US rival Hess for $53 billion in stock in a deal that reflects top US energy companies drive for oil and gas assets in a world seeking lower-risk future fossil supplies and higher shareholder returns. The proposed deal amps up competition between Chevron, the No 2 US oil and gas producer, and Exxon, its larger rival. It also makes Chevron a partner with Exxon in Guyana’s booming oilfields expected…
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ISLAMABAD: Power Division has tailored three options for country-wide four months (November 2023 to February 29, 2024) subsidy neutral Winter Package for industrial electricity consumers on incremental consumption, which may have some financial impact on other consumers, well informed sources told Business Recorder. In option 1, a relief from Rs 3.32 per unit to Rs 7.86 per unit, in option 2 from Rs 8.57 per unit to Rs 14.13 per unit and in option 3 from Rs 12.28 per unit to Rs 17.84 per unit has been proposed. Cabinet Committee on…
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ISLAMABAD: The caretaker government has maintained that it recovered Rs14 billion on account of electricity theft since the beginning of the campaign till September 30, 2023. Caretaker Prime Minister Anwaar-ul-Haq Kakar, was informed about this during a meeting presided over by him on Wednesday to review progress made so far against electricity theft in the country. In the meeting, Kakar was told that 19,415 electricity thieves have been arrested in the campaign since the start of the drive and 39,836 FIRs have been registered against electricity theft. The meeting was…
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ISLAMABAD: The privately-run K-Electric company has been getting the highest Rs169 billion in subsidy from the federal government as compared to the state-run Power Distribution Companies (Discos), as per the Ministry of Energy (Power Division) statistics. The net required subsidy of K-Electric is Rs169 billion and is being fulfilled by the federal government budget. Among the Discos, three are Islamabad Electric Supply Company (Iesco), Lahore Electric Supply Company (Lesco) and Faisalabad Electric Supply Company (Fesco), which are subsidising the remaining seven Discos with a total amount of Rs156 billion per…
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