Author: Admin

Oil Prices Surge 4% Amid Escalating Middle East Tensions

Admin
oil and gas

LONDON: Oil prices surged by about 4% on Tuesday following reports that Iran was preparing a missile attack on Israel, heightening concerns of broader conflict in the Middle East. Brent crude rose by $2.50, or 3.5%, to $74.20 a barrel, while US West Texas Intermediate (WTI) crude increased by $2.54, or 3.7%, to $70.71. The rise came as Israel launched limited ground raids into Lebanon, and Hezbollah fired missiles at Tel Aviv. The US warned of possible Iranian involvement. Analysts warned that Iranian oil facilities could be targeted, potentially disrupting…

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Petroleum Sales Surge by 5% in September Despite High Prices

Admin
petrol-price

KARACHI: Pakistan’s overall oil sales saw a 5% increase in September, reaching 1.27 million tonnes, marking a 20% year-on-year (YoY) rise, according to Arif Habib Ltd (AHL). Petrol sales edged up by 2% month-on-month (MoM) to 0.63 million tonnes, reflecting a 22% YoY jump. High-speed diesel (HSD) sales also climbed 8% MoM to 0.49 million tonnes, surging by 25% YoY. Meanwhile, furnace oil (FO) sales increased by 5% MoM to 0.07 million tonnes but remained 18% lower YoY. For the first quarter of FY25, total oil sales dropped 3% YoY…

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Record Growth in Renewables Jobs Reaches 16.2 Million in 2023, Highlighting Need for Holistic Workforce Policies

Admin
Renewable-Capacity

Record Growth in Renewables Jobs Reaches 16.2 Million in 2023, Highlighting Need for Holistic Workforce Policies October 2, 2024 Abu Dhabi, UAE/Geneva, Switzerland, 01 October 2024 – A new report from the International Renewable Energy Agency (IRENA) and the International Labour Organization (ILO) reveals a historic increase in renewable energy jobs in 2023, climbing from 13.7 million in 2022 to 16.2 million, an 18% rise. This surge reflects growing renewable capacities and expanding manufacturing in the sector. China led the job creation, hosting 46% of global renewable jobs, followed by…

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Leghari Warns Discos of Action Over Inefficiency

Admin
Awais-Leghari

ISLAMABAD: Federal Minister for Power Awais Ahmad Khan Leghari has expressed serious concerns over the poor performance of power distribution companies (Discos) and announced plans for strict administrative actions against underperforming management. In a meeting with board chairpersons and CEOs of Discos, Leghari reviewed the companies’ line losses and bill collection performance for July and August 2024. The Power Division released a statement highlighting dissatisfaction with the management of certain Discos, signaling that administrative measures would follow. Leghari urged companies to adopt proactive strategies to reduce line losses and improve…

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Dar Urges Ogra to Plan $2 per mmBtu Cut in RLNG Tariff

Admin
Pakistan-LNG

ISLAMABAD: Deputy Prime Minister Senator Ishaq Dar, leading the task force on gas-related issues, has directed authorities to initiate plans to reduce margins, taxes, duties, and port charges on imported LNG by 50%, aiming to make re-gasified LNG (RLNG) more affordable for consumers. Currently, the landed cost of LNG is $10 per mmBtu, but this rises to $14 per mmBtu once various additional costs are applied. Dar urged the Oil and Gas Regulatory Authority (Ogra) to work with the petroleum division to cut these charges from $4 to $2 per…

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