Category: Highlights

Spot freight rates for liquefied natural gas tankers in the Asia-Pacific have surged to record highs as a steady flow of U.S. cargoes to the region boosts demand for ships. The cost of chartering a vessel to carry a shipment of the super-chilled fuel from Australia to Japan spiked to $316,750 per day on Tuesday, five times higher than two months ago, according to data from Spark Commodities. That beats the previous high in January during a cold snap in Northeast Asia. The jump comes in the run-up to the…

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When a country’s economy is in shambles, it can hardly afford more conditions from the lenders; that’s what Pakistan is facing in dealing with the IMF. Adviser to the PM Shaukat Tarin has once again outlined the necessity to comply with five prior conditions that Pakistan must fulfil before the IMF calls a meeting of its board of directors to approve the revival of its six-billion-dollar extended fund facility. The IMF suspended the facility in April 2021, and since then Pakistan’s economy has been on tenterhooks. The statement by Tarin…

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President Joe Biden called on US regulators to look into the causes of the nationwide spike in gasoline prices, which he said is hurting workers. The president last week made fighting inflation a top priority after data showed consumer prices hit a 30-year high in October, fueling a slump in his public approval. In a letter to the Federal Trade Commission (FTC), Biden took aim at oil companies he says are raising prices at the pump even as their expenses decline and profits soar. He instructed the agency to look…

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AIQ, the Abu Dhabi National Oil Company’s (ADNOC) artificial intelligence (AI) joint venture with Group 42 (G42), and Baker Hughes, an energy technology company, announced today a strategic collaboration agreement to develop advanced analytics solutions for the global oil and gas industry. The announcement was made at the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) and will see AIQ and Baker Hughes collaborate on the development and commercialisation of AI products for improved efficiency of upstream oil and gas operations. With drilling being a capital-intensive process, the initial project…

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The Punjab Energy Department, in collaboration with the Punjab Board of Investment and Trade on Wednesday hosted a seminar on the energy potential of Punjab at the Pakistan Pavilion at Dubai Expo 2020. The seminar was attended by the Punjab Minister of Energy, UAE Minister of Energy, His Excellency Saud Ballawy, the managing director of the Punjab Power Development Board, and the CEOs of the Punjab Power Development Company Ltd, the Quaid-e-Azam Solar Park, and the Punjab Energy Efficiency Conservation Agency. According to the press statement the seminar presented a…

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