SINGAPORE: Saudi Arabia’s crude oil supply to China is set to decline in February from the prior month, trade sources said on Thursday, after the kingdom hiked its official selling prices to Asia for the first time in three months. State oil firm Saudi Aramco will ship about 43.5 million barrels in February to China, a tally of allocations to Chinese refiners showed, down from January’s 46 million barrels, a three-month high. China’s state majors CNOOC and PetroChina and private refiner Hengli Petrochemical will be lifting less crude in February,…
Read MoreMonth: January 2025
Captive power plants: No significant progress made in talks with IMF: official
ISLAMABAD: Dr Fakhre Alam Irfan, Secretary of the Power Division, has revealed that no significant progress has been made in talks with the International Monetary Fund (IMF) regarding an extension for the closure of Captive Power Plants (CPPs), pledged to be disconnected by January 31, 2025. In response to questions about the proposed disconnection of CPPs from the natural gas system, Dr. Irfan explained that the Federal Cabinet had made this decision in 2021. However, for various reasons, the decision has yet to be implemented, although for the ongoing programme…
Read MoreOil jumps more than 4% on concern over more sanctions on Russia
LONDON: Oil prices rallied more than 4% on Friday to reach their highest levels since October as traders focused on potential supply disruptions from more sanctions on Russia. Brent crude futures gained $3.50, or 4.6%, to $80.42 a barrel by 1422 GMT, reaching $80 a barrel for the first time since Oct.7. U.S. West Texas Intermediate crude futures advanced $3.57, or 4.8%, to $77.49. The United States will impose some of the harshest sanctions on the Russian oil industry to date, designating 180 vessels, dozens of traders, two major oil…
Read More2024: Mixed Solar Energy Trends Amid Record Heat
While 2023 was the sunniest year of the century, 2024 presented a more complex solar energy picture despite being the second-hottest year on record. Analysis by Solcast API reveals varied irradiance trends shaped by weather patterns such as El Niño and regional droughts, decoupling global heat records from consistent solar potential. Regional Insights: Americas: Canada and Alaska faced below-average solar irradiance due to persistent cloud cover, while the U.S. Midwest saw improved solar conditions. Mexico and South America benefited from exceptional sunshine, driven by Amazon droughts reducing cloud formation.Europe &…
Read MoreKoto Hydropower Project Set to Begin Operations This Year
The Koto Hydropower Project in Lower Dir, Khyber Pakhtunkhwa, is nearing completion and is expected to commence power generation later this year. The project will produce 40.8 megawatts of affordable electricity, contributing significantly to the province’s energy needs. Key Benefits: Economic Impact: The project is projected to generate an annual income exceeding Rs. 1.7 billion.Employment Creation: New job opportunities will be created, fostering economic stability in the region.Special Assistant to the KP Chief Minister on Energy, Tariq Mehmood Sadozai, highlighted the project’s importance during an emergency visit to the site.…
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