PEPCO constitutes committee for privatization of DISCOs

LAHORE: The Pakistan Electric Power Company (PEPCO) has constituted a four-member committee to prepare a brief on financial, technical and commercial highlights of the distribution companies (DISCOs) for privatization purposes. A copy of the office order issued in line with the cabinet committee on privatization (CCOP) decision on privatization of DISCOs is available with Business Recorder which points out that the committee has been constituted on the letter both from the ministry of energy (power division) and Privatization Commission’s office of the ministry of privatization. The committee consists of Saghir…

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IEA says oil, gas methane emissions down 10% in 2020 as output fell

LONDON – Global emissions of the potent greenhouse gas methane from oil and gas production dropped 10% in 2020 mainly because of lower output as opposed to concerted climate action, a report by the International Energy Agency (IEA) found. Methane has more than 80 times the warming potential of carbon dioxide in its first 20 years in the atmosphere and is liable to leak from oil and gas infrastructure, such as pipelines. Other industries, including agriculture, are also big methane emitters. Last year, oil and gas operations emitted over 70…

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How Pakistan lost $6 billion on a gold mine

PESHAWAR – Pakistan’s US and France based real estate assets are at risk of confiscation as a United Kingdom court moves to enforce an arbitration tribunal decree that fined it US$5.9 billion for retracting a 28-year old gold exploration contract with foreign mining companies. This month, a British Virgin Islands’ court-ordered to establish a value on the Roosevelt Hotel in New York and the Scribe Hotel in Paris as part of an attachment process of the properties owned by Pakistan International Airlines Investment Ltd (PIAIL), a state-run company officially registered…

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FEATURE: UAE juggling energy transition, eking out profit from oil and gas

Dubai — The UAE’s juggling of energy transition and plans to eke out more profit from oil and gas projects has left it trying to secure a role in future crude demand scenarios while appeasing investors looking to combat climate change. As OPEC’s third largest producer, the UAE has commitments as a member of the alliance but it is also pursuing its own agenda to speed up production of oil reserves before peak demand becomes a reality. Abu Dhabi National Oil Co, the UAE’s biggest energy producer, is accelerating exploration and…

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Amid LNG availability crisis: Petroleum Division asked to restart JJVL LPG extraction plant

ISLAMABAD: Amid the impending LNG availability crisis in February, 2021 on account of backing out by UAE based LNG supplier (ENOC) of its commitment to provide an LNG vessel next month, the top management of Jamshoro Joint Venture Limited (JJVL) has asked the Petroleum Division (PD) to comply with the ECC decision by letting its LPG extraction plant resume operation. “Once JJVL’s LPG extraction plants comes on stream, it will start catering to the energy needs of over 750,000 homes across Pakistan. And this will also help contain the increasing…

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Power tariff bomb set to explode this week

ISLAMABAD: After increasing POL prices twice this month, the government is now all set to explode the power tariff bomb on the masses in the current week, as Power Division has prepared a summary seeking the ECC approval for increase in the new base tariff by Rs1.90 per unit setting new base tariff at Rs15.25 per unit, well-placed sources at Energy Ministry told The News. “The existing base tariff of electricity power distribution companies (DISCOs) stands at Rs13.35 per.” However, they said, the government is likely to notify today (Monday)…

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Byco denies the WhatsApp rumour mill

If the year 2020 has taught us one thing, it is that misinformation has to be the greatest threat to societies around the world. Witness the flurry of ‘fake news’ circulating on Twitter, Facebook, and WhatsApp. The news, and its consequences, range from the truly random (No, Khala jaan, ginger does cure Covid-19), to the deeply damaging (see: the entirety of the Trump presidency). The platform WhatsApp faces a particular challenge, since its messages are encrypted, and therefore cannot be policed in the same way Facebook and Twitter can be. WhatsApp has…

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Data Points

Deep in the Permian Basin, America’s biggest oilfield Occidental Petroleum plans to build a facility that it believes could change the way the world thinks about fossil-fuel emissions. The globe’s first large-scale direct air capture plant will remove carbon dioxide from the atmosphere and pump it deep underground, where it will remain for millions of years. The process would essentially be the reverse of what oil and gas companies do today. The goal is to lower emissions of the primary greenhouse gas responsible for global warming — and one day…

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Over $50 billion in gas and LNG projects at risk of cancellation in Bangladesh, Pakistan and Vietnam

Emerging markets such as Vietnam, Pakistan and Bangladesh that are turning to liquefied natural gas (LNG) as a source of power are likely to be hit by higher and more volatile prices going forward, according to a new briefing note from the Institute for Energy Economics and Financial Analysis (IEEFA). Author of the note LNG/gas analyst Bruce Robertson says new gas-fired power plants and LNG import facilities totalling over US$50 billion are at high risk of cancellation as gas-fired electricity becomes unaffordable in emerging markets. “Asian LNG spot prices have…

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Local POL production increases by 1.50pc during July-November

ISLAMABAD: Overall production of petroleum commodities has witnessed an increase of 1.50 percent during the first five months of current financial year 2020-21 as compared to corresponding period of fiscal year 2019-20. POL products that showed positive growth include Kerosene Oil the production of which increased by 3.76 percent during the period under review, Pakistan Bureau of Statistics (PBS) reported. Similarly, the production of Motor Spirits, High Speed Diesel, Furnace oil, Jute Batching Oil and Liquefied Petroleum Gas witnessing increase of 16.13 percent, 7.16 percent, 0.97 percent, 5.85 percent and…

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