Year: 2024

Fuel oil smuggling network rakes in $1bn for Iran and its proxies

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oil

DUBAI: A sophisticated fuel oil smuggling network that some experts believe generates at least $1 billion a year for Iran and its proxies has flourished in Iraq since Prime Minister Mohammed Shia al-Sudani took office in 2022, five sources with knowledge of the matter told Reuters. The operation exploits a government policy under which Iraq allocates fuel oil to asphalt plants at heavily subsidised prices and involves a network of companies, groups and individuals in Iraq, Iran and Gulf states, according to the five people and three Western intelligence reports, two…

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Oil prices steady ahead of imminent OPEC+ decision; geopolitical turmoil in focus

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oil price

Oil prices were little changed on Wednesday, with traders expecting OPEC+ to announce an extension to supply cuts this week while heightened geopolitical tensions continue to dominate market sentiment. Brent crude futures were up 5 cents, or 0.07%, at $73.67 a barrel by 1214 GMT while U.S. West Texas Intermediate crude futures fell 4 cents, or 0.06%, to $69.90. On Tuesday, Brent posted its biggest gain in two weeks, rising by 2.5%. A shaky ceasefire between Israel and Hezbollah, South Korea’s curtailed declaration of martial law and a rebel offensive…

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Meta Seeks Nuclear Power Developers to Meet AI and Environmental Goals

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Meta-Project

Meta, the tech giant, is inviting proposals from nuclear power developers to add 1 to 4 gigawatts of U.S. nuclear generation capacity by the early 2030s. This move aligns with the company’s efforts to address rising electricity demand for artificial intelligence and environmental sustainability. “Nuclear energy will play a pivotal role in transitioning to a cleaner, more reliable, and diversified electric grid,” Meta stated. The company’s initiative reflects broader trends, with U.S. data center power demand projected to triple by 2030, requiring 47 gigawatts of new generation capacity, according to…

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PM Directs Resolution of Refinery Upgrade Tax Issue Within Two Weeks

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Petroleum-Sector

ISLAMABAD: Prime Minister Shehbaz Sharif has instructed the Petroleum Division to resolve the impasse over the Brownfield Policy, aimed at upgrading local refineries to produce Euro-V standard petrol and diesel, within two weeks. The directive comes amidst delays in implementing the sales tax exemption critical to the policy’s success. The issue, a contentious budgetary measure from the FY25 Finance Bill, is essential for securing $5-6 billion in refinery sector investments. The Prime Minister’s Office has also asked the Petroleum Division to present concrete options to address the situation. The Special…

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KE Cuts Power to Railways Over Unpaid Bills; Railways Cites Rs70 Billion in Dues

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K-Electric

KARACHI: The power utility company, K-Electric (KE), disconnected electricity to Pakistan Railways (PR) on Tuesday over unpaid bills amounting to Rs430 million since May 2024, disrupting key operations, including the online ticketing and signal systems for 38 daily passenger trains from Karachi. In its statement, KE stressed the unsustainability of continuing supply without payment and highlighted repeated defaults despite prior accommodations. “Notices and disconnections have been issued before, but undertakings by railway authorities to clear dues and pay monthly bills have been consistently dishonored,” KE stated. The utility warned that…

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