Category: Highlights

One of Mexico’s largest oil refineries has been shuttered for weeks—only we are just now finding out about it. And oil products are now building up at the site. Mexico’s Tula oil refinery has been closed since late September, Reuters sources close to operations reported on Tuesday, as teachers protesting delayed salary and pension payments went on strike and blocked roads that the refinery uses to transport the refinery’s product—including fuel for Mexico City—away from the facility. Tula, located 90 kilometers from Mexico City, has a capacity of 315,000 bpd,…

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Beijing said on Tuesday it would allow price fluctuations of power derived from coal-fired plants to improve the country’s power market as shortfalls in power generation have sparked an energy crisis. According to a notice from National Development and Reform Commission (NDRC), electricity prices generated by coal-fired plants will be permitted to rise and fall by 20%. That compares with the prior upside limit of 10% and the lower limit of 15%. The reform would take effect from Oct. 15 NDRC requested provincial governments to require industrial and commercial users…

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Mergers and acquisitions in the oil and gas space in the U.S. declined in the third quarter after hitting a two-year high in the second quarter, according to data analytics firm Enverus. Enverus analysts said that the total value of M&A deals during the third quarter was 44 percent lower than the total value of second-quarter deals. However, it was still higher than the five-year average for the third quarter, at $18.5 billion versus $16 billion, excluding the Occidental/Anadarko tie-up. The biggest deal during the last quarter was Conoco’s purchase…

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Islamabad: Central leader of All Pakistan Compressed Natural Gas Association (APCNGA) Ghiyas Abdullah Paracha has requested the government to ensure provision of uninterrupted gas supply to LNG-based CNG stations. There should be no supply curtailment to CNG sector if there is any shortage or delay in berthing of Liquefied Natural Gas (LNG) vessels, he said while talking to APP. Paracha, who is also CEO of Universal Gas Distribution Company (UGDC), was of the view that private sector players including the CNG entrepreneurs should be encouraged to import the LNG aimed…

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The Federal Cabinet has constituted a three-member Ministerial Committee to investigate road infrastructure and energy projects’ contracts awarded allegedly at inflated rates during the previous governments, well informed sources told Business Recorder. The committee comprising of Minister for Communication (Convener) Murad Saeed, Minister for Energy Hammad Azhar and Minister for Information Fawad Chaudhary will submit its report to the Cabinet. Minister for Planning, Development and Special Initiatives, Asad Umar, who is defending CPEC projects with respect to transparency, has been kept out of the new committee. The panel has been established…

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