Category: Highlights

Germany and Austria announced emergency measures on Sunday to ensure their energy needs after a drop in Russian gas supplies, including reverting to coal in what Berlin called a “bitter but indispensable” step. “To reduce gas consumption, less gas must be used to generate electricity. Coal-fired power plants will have to be used more instead,” the German economy ministry said in a statement. The move comes after Moscow turned up the pressure on Western allies by sharply reducing flows of natural gas in its pipelines to western Europe, driving up…

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Qatar Energy signed a partnership deal with Eni on Sunday for the North Field East expansion of the world’s largest liquefied natural gas (LNG) project, having announced a deal with TotalEnergies earlier this month. Qatar Energy CEO Saad al-Kaabi said the joint venture with Eni would own 12.5% of the North Field East expansion. Eni would own 25% of the joint venture, Kaabi told a news conference, giving the Italian producer a 3.12% stake in the expansion. Qatar is partnering with international energy companies in the first and largest phase…

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Delegates from OPEC+ are trying to decide what to do when the oil production pact ends in August, Bloomberg reported on Friday. The pact is faced with numerous uncertainties and difficult situations—not the least of which is its relationship with one of the top members of the group—Russia. Saudi Arabia has stressed that Russia is an integral part of OPEC+ despite Russia’s aggression in Ukraine, pointing out that OPEC+ is not an alliance formed out of politics, but one of market management. Saudi Arabia—and other OPEC members—must weigh the benefits…

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Asian spot liquefied natural gas (LNG) prices jumped this week, tracking a rise in European gas prices, on further market tightening as an extended shutdown at a U.S. export plant prompted buying by Japan and South Korea. The average LNG price for August delivery into north-east Asia was estimated at $36.50 per million British thermal units (mmBtu), up $13.00 or 55.1% from the previous week, industry sources said. Freeport LNG, the operator of one of the largest U.S. export plants, said on Tuesday that last week’s fire damage to its…

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ISLAMABAD,June 18(Gwadar Pro) – National Electric Power Regulatory Authority (NEPRA) has approved the final selling price for 660 megawatts Thar coal-based Engro Thar Powergen Ltd. (ETPL), the regulator said. ETPL is an early-harvest indigenous-coal based power project under China-Pakistan Economic Corridor (CPEC), and the first ever Thar coal-based power plant, which started commercial operation on July 10,2019. Engro Group owns 51% share in the project while China Machinery Engineering Corp. (CMEC) owns 35% share. CMEC is also the engineering and procurement contractor(EPC)of the project. China Development Bank, China Construction Bank…

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