Category: Highlights

China Breaks Ground on World’s Largest Compressed Air Energy Storage Project

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Energy-Storage

China’s Huaneng Group has commenced construction on the second phase of the Jintan Salt Cavern Compressed Air Energy Storage (CAES) project in Changzhou, Jiangsu province, setting a new benchmark in the global energy storage industry. Once completed, it will become the world’s largest CAES facility, boasting record-breaking advancements in power output and efficiency. The second phase will include two 350 MW non-fuel supplementary CAES units with a combined storage volume of 1.2 million cubic meters. This design achieves the largest single-unit power generation capacity and total storage capacity globally, with…

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KUFPEC Sells $60M Assets to PEL, Exits Pakistan’s Energy Sector

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Gas-Sale

ISLAMABAD: Kuwait Foreign Petroleum Exploration Company (KUFPEC) has officially exited Pakistan’s oil and gas sector by selling its key assets, valued at approximately $60 million, to Pakistan Exploration (Private) Limited (PEL). This marks the conclusion of KUFPEC’s operations in the country amidst growing challenges in the energy sector. A senior official from the Ministry of Energy revealed that mounting circular debt, now at Rs2,700 billion, has significantly deterred foreign Exploration and Production (E&P) companies. Of this amount, Rs1,500 billion, including $600 million owed to local and foreign E&P firms, remains…

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Power Division Launches Inquiry into NTDC Over PSDP Scheme Deletion

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Power-Division

ISLAMABAD: The Power Division has initiated a fact-finding inquiry against the National Transmission and Despatch Company (NTDC) for the removal of development schemes, including the Electricity Distribution Efficiency Improvement Project (EDEIP), from the Public Sector Development Program (PSDP). This deletion has stalled consultant salaries and delayed new consultancy contracts since the start of the financial year, sources revealed. Special Secretary Power Division, Arshad Majeed Mohmand, has been appointed as the inquiry officer under a directive issued on November 13, 2024. He issued multiple warnings to NTDC Managing Director Waseem Younas…

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Pakistan joins fossil-fuel non-proliferation coalition

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fossil fuel

ISLAMABAD: Pakistan has joined a coalition of climate-vulnerable countries advocating for a global fossil-fuel non-proliferation treaty, which seeks an equitable transition away from coal, oil, and gas. The proposed treaty, designed to complement the Paris Agreement, emphasises the need for financial and technological support to ensure fair energy transitions for developing nations. Ranked among the top ten countries most vulnerable to the devastating impacts of climate change, Pakistan is the first nation in South Asia to engage with this initiative, and aims to address its severe climate challenges, such as…

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Middle East share of India’s Nov oil imports at 9-mth high; Russia down

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crude oil

NEW DELHI: India’s November crude imports showed Middle Eastern oil at a 9-month high while Russia accounted for its smallest share in three quarters, ship tracking data obtained from sources showed. Refiners in India have been gorging on cheaper Russian oil despite problems posed by sanctions aimed at reducing Moscow’s oil revenue to fund its war in Ukraine. The world’s third biggest oil importer and consumer in November shipped in 13% less Russia oil compared with October at 1.52 million barrels per day (bpd), about 32% of India’s overall intake,…

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