Year: 2023

Rise in LNG chain circular debt feared

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LNG

ISLAMABAD: Pakistan State Oil (PSO) has voiced fear that circular debt related to the liquefied natural gas (LNG) supply chain, which has already piled up to Rs447 billion, will continue to increase. In a recent corporate briefing on the company’s performance in first nine months of financial year 2022-23 and its operational dynamics, PSO highlighted concerns over the mounting LNG-related circular debt. The state-owned oil marketing giant emphasised that while the recent increase in gas prices curtailed circular debt in the wellhead gas segment, the LNG segment continued to pose…

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Oil prices dip on demand worries

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Oil price

HOUSTON: Oil prices fell on Friday, headed for a weekly decline as traders worried interest rate hikes could sap demand despite signs of tighter supplies including lower US crude stocks. In a second straight day of losses, Brent crude slipped 53 cents, or 0.7%, to $73.61 a barrel by 1527 GMT. US West Texas Intermediate (WTI) crude was down 63 cents, or 1%, at $68.86. On Thursday, Brent dropped about $3 a barrel after the Bank of England (BoE) raised interest rates by a bigger-than-expected half a percentage point. Central…

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Russia gas flows via Ukraine could stop

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Russia-gas

BENGALURU: Russia could shut off one of the last arteries carrying its gas supplies to Europe by the end of next year when Ukraine’s supply contract with Gazprom expires, the Financial Times said on Thursday, citing an interview with Ukraine Energy Minister German Galushchenko. The chances of Kyiv and Moscow agreeing to a renewal of the five-year transit contract, first signed in 2019, were slim, even though the route through Ukraine accounts for almost 5% of Europe’s total gas imports, the newspaper reported. When asked if Ukraine would be prepared…

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Asia heatwaves put renewable power fleet to test

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power-fleet

SINGAPORE: Record heat across Asia is putting its surging renewable power fleet to the test, highlighting the need for backup supply, transmission system upgrades and tariff reforms to ensure reliability and stave off a slowdown in green energy adoption. Temperatures in parts of the region breached 40 Celsius (104 Fahrenheit) in late April, earlier than usual, causing widespread infrastructure damage and power outages. In China, where renewables account for more than half of the power mix, authorities kept backup coal and gas-fired plants on standby to meet demand and sudden…

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PM meets IMF chief, hopes for funds release at earliest

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PM-meets-IMF

PARIS: Prime Minister Shehbaz Sharif Thursday met International Monetary Fund (IMF) Managing Director (MD) Kristalina Georgieva and said in a tweet that Pakistan “keenly looks forward” to the lender’s Executive Board’s “approval for the 9th Review at the earliest”. “It was a pleasure to meet you and have a productive exchange of views on the IMF’s continued engagement with Pakistan,” he said in response to IMF MD’s tweet about her meeting with him. The premier said his government was fully committed to the ongoing Extended Fund Facility (EFF) that was…

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