Category: Highlights

Karachi’s power utility K-Electric has awarded an Engineering, Procurement and Construction (EPC) contract for the construction of 500/220 kV Grid at KANUPP – K-Electric Interconnection (KKI) to Siemens (Pakistan) Engineering Company Limited. In its notice to the Pakistan Stock Exchange (PSX) on Friday, the Karachi-based electric supply company informed that the estimated value of the EPC contract is around $84 million (Rs15.68 billion). The construction of the grid station would allow the company to meet the increasing electricity demand of industrial, commercial, and residential sectors across Karachi, the notice added.…

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There is no way to trace whether there is Russian crude oil or how much crude from Russia will go into the refined products market globally, Shell’s chief executive Ben van Beurden said on Thursday. “We do not have systems in the world that trace back whether that particular molecule originated from a geological formation in Russia…. that doesn’t exist,” van Beurden told journalists, as carried by Reuters. “So therefore, diesel coming out of an Indian refinery that was fed with Russian crude is considered to be Indian diesel,” Shell’s…

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Germany has begun construction on its first LNG import terminal, and in the meantime, has rented four mobile floating tankers as it scrambles to rid itself of the need for Russian natural gas. Construction of the LNG import terminal has been fast-tracked, with German Economics Minister Robert Habeck hoping to complete this at “Tesla speed”, in less than a year. The terminal is being built in Wilhelmshaven on the German North Sea, and officials are aiming to see the first LNG tankers dock at it by the end of this…

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Libya’s Zueitina port has received its first oil tanker after temporarily lifting force majeure last week to free up storage space. While Libya’s National Oil Company (NOC) did not issue a statement, NOC sources told LIbyan media that the Melos 21 oil tanker had docked at Zueitina for loading, after which it will sail to China. Libya’ declared force majeure on Zueitina, along with its largest oil field, Al-Sharara, and the El Feel oilfield in mid-April amid anti-government protests over the way oil revenues are distributed. On April 30th, the…

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Iran is moving ahead with a US$500-million contract for the production development and enhanced oil recovery from its strategically vital South Pars Oil Layer signed between the National Iranian Oil Company (NIOC), the Iranian Offshore Engineering and Construction Company, and an as-yet officially undisclosed foreign company. “In this contract, for the first time, horizontal drilling with new foreign technologies and water injection will be used as one of the methods of production enhancement,” said NIOC chief executive officer, Mohsen Khojasteh-Mehr. “The two key points to understand about the [South Pars]…

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