Author: Admin

Chinese power projects under CPEC leave Pakistan struggling with debt

Admin
Power-Projects

The China-Pakistan Economic Corridor (CPEC), once hailed as a transformative initiative for Pakistan’s economy, has left the nation grappling with substantial debt and soaring electricity costs, according to Oil Price. Launched in 2013, the $62bn partnership was aimed at boosting economic cooperation, trade, and infrastructure development, with a significant focus on addressing Pakistan’s chronic energy shortages. Of the total investment, nearly $35bn was channelled into 21 power projects under CPEC, most of them coal-fired, adding 6,000 MW to the national grid. Pakistan’s power generation capacity now stands at 42,131 MW—double its…

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Oil heads for weekly gain on supply jitters

Admin
opec

Oil prices fell on Friday but were still poised for a weekly gain on supply disruption in Russia while uncertainty looms over a potential peace deal in Ukraine. Brent futures slipped by 73 cents, or 0.95%, to $75.75 a barrel by 1104 GMT while U.S. West Texas Intermediate crude lost 73 cents, or 1%, to $71.75. Both have gained about 1.4% this week – the largest weekly advance since early January. Brent would be marking a second week of gains after three weeks of declines. WTI is set for its…

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Donald Trump seeks to reshape Asia’s energy supplies with US gas

Admin
LNG

TOKYO/WASHINGTON: When President Donald Trump sat down to lunch with his Japanese counterpart this month, talk turned quickly to how Tokyo could help realise a decades-old proposal to unlock gas in Alaska and ship it to US allies in Asia. Trump and his energy tsar Doug Burgum framed the venture as a way for Japan to replace Middle East energy shipments and address its trade imbalance with the US, according to two officials briefed on the closed-door talks. Japanese premier Shigeru Ishiba – eager to ensure a positive first meeting…

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EU seeks more US gas, renewable energy to replace Russian supplies

Admin
oil price

BRUSSELS: The European Union will seek more gas from countries including the U.S. to replace Russian supplies, and expand renewable energy faster to cut its overall reliance on the fuel, the EU’s energy commissioner has said. The EU has pledged to quit Russian fossil fuels by 2027 in response to Moscow’s 2022 invasion of Ukraine. While Russian pipeline gas deliveries have plunged, the EU increased its imports of Russian liquefied natural gas last year. “Instead of using taxpayers’ money, citizens’ money, to pay for gas where the revenue goes into…

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Pakistan’s Oil output rises by 10,000 barrels due to tech innovation: Musadik Malik

Admin
oil-and-gas

ISLAMABAD, Feb 20 (APP):Federal Minister for Petroleum Dr. Musadik Malik on Thursday underscored the transformative impact of technological advancements on Pakistan’s energy sector, revealing that a single innovation has led to a 10,000-barrel increase in the Oil and Gas Development Company Limited (OGDCL)’s oil production.Addressing a celebration event organized by OGDCL and Schlumberger, he said that if four more companies adopt similar technological advancements, Pakistan may no longer require International Monetary Fund (IMF) programs for financial stability.He further highlighted that $250 million worth of innovation has been introduced in the…

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