Category: Highlights

New Conference will Demystify and Chart Pathways for Green Finance at World Future Energy Summit 2024

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New-02

‘Climate finance must happen in partnership between public and private sectors,’ says FAB Chief Sustainability Officer Conference debut comes as UAE looks to become Sustainable Finance Hub Abu Dhabi, March 25 2024: World Future Energy Summit, the leading business event for future energy and sustainability hosted by Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, is to debut a Green Finance Conference during its 2024 edition, which is set to run at Abu Dhabi National Exhibition Centre (ADNEC) from April 16-18. The Green Finance Conference,…

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Oil executives talk down rapid shift to green energy as profits boom

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solar-panel

Houston: Big Oil used an industry conference this week to argue against a rapid transition to green energy, as fossil fuel companies are emboldened by high demand and record profits despite rising alarm over climate change. Executives attending the annual CERAWeek get-together in Houston expressed confidence that fossil fuel consumption would continue growing, just months after world leaders at the COP28 climate summit pledged to begin “transitioning away from fossil fuels” and triple the use of renewables by 2030. “The environment right now is very positive for the oil and…

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Oil sector seeks urgent LC limit hike to avert industry collapse

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oil-and-gas

KARACHI: The Oil Marketing Association of Pakistan (OMAP) has sought an immediate increase in the letters of credit (LCs) limits for oil marketing companies (OMCs), citing the country’s dire financial straits. “The pressing concerns surrounding foreign exchange losses, OMC margins, sales tax, smuggling of Iranian diesel, infrastructure development cess, and the revision of the price mechanism have pushed this vital industry to the brink of collapse,” the association said in a letter to the petroleum minister, Musadiq Malik. The oil body said the sector’s financial stability has been disrupted, and…

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Govt to offer OGDCL shares to Gulf investors

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ogdcl

Pakistan hopes to get better price from Saudi Arabia, UAE, Qatar and Kuwait ISLAMABAD: Pakistan’s government is expected to ask friendly nations to invest in the country’s largest hydrocarbon explorer – Oil and Gas Development Company Limited (OGDCL) – in order to fetch a better price for the company. Background discussions with officials privy to the development revealed that Pakistan could offer shares of the state-owned company to friendly countries like Saudi Arabia, the United Arab Emirates (UAE) and Qatar, which may offer attractive prices. Earlier, the strategy to divest…

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PM Shehbaz Sharif hands over ECC to finance minister

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finance-minister

ISLAMABAD: Only a day after announcing formation of seven committees of the cabinet, Prime Minister Shehbaz Sharif has decided to hand over the chairmanship of the Economic Coordination Committee (ECC) to Finance Minister Muhammad Aurangzeb, sources in the government told Dawn. The prime minister, however, will continue to head the Cabinet Committee on Energy (CCoE), they said, adding the prime minister took the decision at a meeting on Saturday. Confirming the development, a senior member of the cabinet told Dawn that the prime minster had regretted he would be unable to chair the ECC meetings…

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