Category: highlights

Pakistan hesitant on IMF’s proposed carbon levy for clean energy transition

Admin
pak-imf

ISLAMABAD: On Monday, Pakistan showed reluctance towards imposing a carbon levy, a key proposal put forward by the International Monetary Fund (IMF). The IMF has suggested this tax as part of its conditions for a $1 billion loan under the Resilience and Sustainable Facility (RSF), aimed at supporting climate-vulnerable nations in disaster preparedness and energy transition. During the opening discussions to finalize the RSF, which focuses on disaster resilience, government officials expressed concerns about the potential negative impact of the levy on business growth. The IMF team is in Pakistan…

Read More

No Passengers ,No planes china funded 240m Gwadar airport sits idle

Admin
Gwadar port

With no passengers and no planes, Pakistan’s newest and most expensive airport is a bit of a mystery. Entirely financed by China to the tune of $240 million, it’s anyone’s guess when New Gwadar International Airport will open for business. Located in the coastal city of Gwadar and completed in Oct 2024, its a stark contrast to the impoverished, restive southwestern BalochistanFor the past decade, China has poured money into Balochistan and Gwadar as part of a multibillion dollar project that connects its western Xinjiang province with Arabian Sea, called the China-Pakistan Economic Corridor or…

Read More

OGDCL awards LCE CleanTech/EnergyTech grant

Admin
Oil prices

LONDON: Oil prices steadied on Monday as investors awaited clarity on talks to end the war in Ukraine and weighed up the prospect of a resumption in crude exports from northern Iraq. Brent futures were up 13 cents, or 0.2%, at $74.56 barrel by 1103 GMT while U.S. West Texas Intermediate crude futures added 11 cents, or 0.2%, to $70.51. Both Brent and WTI dropped by more than $2 on Friday, registering weekly declines of 0.4% and 0.5% respectively. All eyes remain on efforts to end Russia’s war on Ukraine,…

Read More

Asia LNG imports set to drop to 22-month low as Europe surge drives prices: Russell

Admin
lng

LAUNCESTON: Asia’s imports of liquefied natural gas (LNG) are poised to drop to the lowest in nearly two years in February, while Europe’s are set to surge to the second-highest on record. The weakness in Asia shows buyers are shunning expensive spot cargoes, with prices at least 50% higher than what they were this time last year. A milder-than-usual winter across much of North Asia has also dampened demand, and allowed European buyers to bid for cargoes as part of efforts to re-stock the continent’s depleted inventories. Asia, the top-importing…

Read More

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…

Read More