Category: Highlights

It’s been two years since British oil and gas supermajor BP Plc. (NYSE: BP) dramatically declared that the world was already past Peak Oil demand. In the company’s 2020 Energy Outlook, chief executive Bernard Looney pledged that BP would increase its renewables spending twentyfold to $5 billion a year by 2030 and “… not enter any new countries for oil and gas exploration”. That announcement came as…

Windfall taxes, power rationing, and price caps on imported gas: these are the main ideas the European Union has produced as it struggles to contain an energy shortage that has spiraled out of all reasonable proportions. The block has managed to fill its gas storage ahead of the deadline and above target levels, and this is perhaps the only piece…

World Bank (WB) is likely to allow 22 months extension on the closing date of the $425 million National Transmission Modernization I project (NTMP-1) to regulate delays on different accounts. The World Bank’s Country Director, Najy Benhassine in a letter to Secretary Economic Affairs, Dr Kazim Niaz has shared the Aide Memoire of the World Bank team that conducted a…

RWE and the United Arab Emirates’ (UAE) state-owned ADNOC agreed to a multi-year supply contract for liquefied natural gas starting in 2023, the firms disclosed. As a part of that memorandum of understanding (MOU), ADNOC is expected to ship a 137,000 cubic meter LNG cargo to Germany which should arrive in the last weeks of the year. The cargo could…

The UN has warned that people living near oil fields, where gas is openly burned, face heightened risks of leukaemia, and that it has classified such areas as “modern sacrifice zones.”Singling out sites in Iraq for gas flaring — a process of burning gas released by oil drilling that produces cancer-linked pollutants including CO2, methane and black soot — the…

With the increase in the electricity tariff and inflation rates in Pakistan. Globally leading inverter manufacturer Growatt New Energy introduces its new C&Iproduct for the Pakistani market. According to the company, the equipment is intended for Industrial and Commercial applications. The MAX 100-125KTL3-X is now available in the Pakistani market.Considering all market trends Growatt designed this inverter in which the…

At the Chinese Communist Party’s 20th National Congress in October, Chinese President Xi Jinping has been widely expected to be granted a third term as party leader in what would be an unprecedented event considering that CCP leaders generally only serve two terms. That fact alone has raised tensions for the particular National Congress–an event that only happens every five…

The European Union plans to follow suit with the United Kingdom and others and impose sanctions on the organizers of “illegal, illegitimate referendums” that are being conducted in four regions of Ukraine that are at least partially controlled by Moscow. “There would be consequences for all people who participate in the illegal, illegitimate referendums,” Peter Stano, a spokesman for EU…

Saudi Arabia’s King and Custodian of the Two Holy Mosques Salman bin Abdulaziz Al Saud on Tuesday issued a royal decree to appoint Crown Prince Mohammed bin Salman as the prime minister of the country. The crown prince was earlier the deputy premier and minister of defense of the kingdom. According to another royal decree, the king has also restructured…

On 2 September 2022, the Group of Seven (G7) finance ministers released a statement that confirmed the future implementation of a price cap on Russian-origin crude oil and petroleum products (the Price Cap). Under the proposed measure, the provision of services related to the maritime transport of Russian-origin crude oil and petroleum products will be prohibited unless the products are…