Category: Highlights

China becomes 2nd-largest EV battery power with 30-million-ton lithium

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EV battery power

China has significantly increased its lithium reserves, positioning itself as the world’s second-largest holder of the critical metal for electric vehicle (EV) batteries and renewable energy technology. According to state news agency Xinhua, China’s global lithium share has risen from 6% to 16.5%, surpassing countries like Australia, Argentina, and Bolivia. The only nation ahead of China in lithium reserves is Chile. This surge in reserves is attributed to new discoveries and advanced extraction technologies that allow for more efficient retrieval of lithium from various mineral sources. A major discovery was…

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Saudi crude oil supply to China set to fall in Feb vs Jan, sources say

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SINGAPORE: Saudi Arabia’s crude oil supply to China is set to decline in February from the prior month, trade sources said on Thursday, after the kingdom hiked its official selling prices to Asia for the first time in three months. State oil firm Saudi Aramco will ship about 43.5 million barrels in February to China, a tally of allocations to Chinese refiners showed, down from January’s 46 million barrels, a three-month high. China’s state majors CNOOC and PetroChina and private refiner Hengli Petrochemical will be lifting less crude in February,…

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Captive power plants: No significant progress made in talks with IMF: official

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Power-Plants

ISLAMABAD: Dr Fakhre Alam Irfan, Secretary of the Power Division, has revealed that no significant progress has been made in talks with the International Monetary Fund (IMF) regarding an extension for the closure of Captive Power Plants (CPPs), pledged to be disconnected by January 31, 2025. In response to questions about the proposed disconnection of CPPs from the natural gas system, Dr. Irfan explained that the Federal Cabinet had made this decision in 2021. However, for various reasons, the decision has yet to be implemented, although for the ongoing programme…

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Oil jumps more than 4% on concern over more sanctions on Russia

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Oil price

LONDON: Oil prices rallied more than 4% on Friday to reach their highest levels since October as traders focused on potential supply disruptions from more sanctions on Russia. Brent crude futures gained $3.50, or 4.6%, to $80.42 a barrel by 1422 GMT, reaching $80 a barrel for the first time since Oct.7. U.S. West Texas Intermediate crude futures advanced $3.57, or 4.8%, to $77.49. The United States will impose some of the harshest sanctions on the Russian oil industry to date, designating 180 vessels, dozens of traders, two major oil…

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Koto Hydropower Project Set to Begin Operations This Year

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Koto-Hydropower

The Koto Hydropower Project in Lower Dir, Khyber Pakhtunkhwa, is nearing completion and is expected to commence power generation later this year. The project will produce 40.8 megawatts of affordable electricity, contributing significantly to the province’s energy needs. Key Benefits: Economic Impact: The project is projected to generate an annual income exceeding Rs. 1.7 billion.Employment Creation: New job opportunities will be created, fostering economic stability in the region.Special Assistant to the KP Chief Minister on Energy, Tariq Mehmood Sadozai, highlighted the project’s importance during an emergency visit to the site.…

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