Day: February 12, 2025

European LNG prices are reaching levels that will hit demand, says Vitol

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LNG prices

NEW DELHI: European prices of liquefied natural gas (LNG) are reaching levels that will start hurting demand, commodities trading firm Vitol’s Chief Executive Russell Hardy said on Wednesday at the India Energy Week conference in New Delhi. Global LNG: Asia spot prices gain amid Russia-Ukraine gas transit concerns He added that he does not see new policies in top producer the United States leading to major change in anticipated LNG supply capacity growth through 2028.

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Russia says it fully complied with OPEC+ oil deal in January

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Russia

MOSCOW: Russia was in full compliance with the OPEC+ deal to restrain oil production in January and plans to do so this month, Deputy Prime Minister Alexander Novak told reporters on Wednesday. He also said that Russia planned to keep steady or increase oil refining throughput this year. Russia processed 266.5 million metric tons (5.33 million barrels per day) of oil in 2024. Russia has frequently exceeded its output quota of 8.98 million bpd under a pact among the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries…

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Turkish President Erdogan Arrives in Pakistan for Strategic Talks

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Pakistan-Turkiye

ISLAMABAD: Turkish President Recep Tayyip Erdogan is set to arrive in Islamabad today for a two-day official visit at the invitation of Prime Minister Shehbaz Sharif. He will be accompanied by a high-level delegation, including ministers, senior officials, and business leaders, according to the Foreign Office. A key highlight of the visit will be the 7th Session of the Pakistan-Turkiye High-Level Strategic Cooperation Council (HLSCC), which President Erdogan and Prime Minister Shehbaz Sharif will co-chair. The session is expected to conclude with the signing of a Joint Declaration and multiple…

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NEPRA Halts Security Deposit Hike, Slams DISCOs’ Justification

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NEPRA-KE

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has deferred its decision on the proposed hike in security deposit rates for electricity consumers, pending a comprehensive audit of deposits collected by power distribution companies (DISCOs). During a heated public hearing, DISCOs faced strong criticism from NEPRA members and stakeholders over their push for a substantial increase in security deposit rates. NEPRA officials, including Rafique Ahmad Shaikh, Mathar Niaz Rana, Amina Ahmed, and Maqsood Anwar Khan, expressed dissatisfaction with the DISCOs’ arguments, calling them weak and repetitive. The regulator viewed the…

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OGRA Cracks Down on LPG Safety Violations

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New-OGRA1

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has launched a crackdown against gas theft, illegal decanting, and the hazardous mixing of carbon dioxide (CO2) with Liquefied Petroleum Gas (LPG) across Punjab, Sindh, and Khyber Pakhtunkhwa. Taking serious notice of safety violations, OGRA deployed enforcement teams to identified locations to curb illegal practices, including substandard cylinder manufacturing. In Sindh, particularly in Khairpur, Ghotki, Pano Aqil, and Ranipur, authorities traced CO2 mixing with LPG. Meanwhile, illegal LPG cylinder manufacturing sites were uncovered in Gujranwala. In collaboration with local administrations, OGRA teams…

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