Category: Highlights

Pakistan is all set to purchase the cheapest LNG cargo at a record low price. The SOCAR Trading ( The State Oil Company of Azerbaijan Republic) has placed its lowest proposal to Pakistan LNG Ltd for a liquefied natural gas cargo for delivery in late August. The P.L.L. received an offer for an August 27th – 28th delivery cargo at about $2.20/mmbtu. It is pertinent to mention here that Pakistan has been out of the spot market in 2020, and this is its first tender since November 2019. The Managing Director at…

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Last month, Prime Minister Imran Khan “launched”—for the fourth time in two decades—the Diamer-Basha Dam project, which promises to provide energy-strapped Pakistan with 4,500MW of hydroelectric power. However, it doesn’t come without a steep cost: more than 40,000 people are expected to be displaced, and over 37,000 ancient carvings and inscriptions submerged, in the area that will make up the dam’s reservoir. This sets a daunting challenge, and opportunity, for the Water and Power Development Authority (WAPDA). The end of the 20th and the beginning of the 21st centuries has…

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The former chief of Mexico’s state oil giant has accused former President Enrique Pena Nieto of taking bribes, Mexico’s Attorney General’s Office said. In a televised statement, Attorney General Alejandro Gerts Manero said Pena Nieto and finance minister Luis Videgaray had allegedly tasked former Pemex chief Emilio Lozoya to use more than $4 million in illicit payments from Brazilian conglomerate Odebrecht to pay consultants to Pena Nieto’s campaign. “There were a series of bribes for a quantity of more than 100 million pesos, which were fundamentally used for the 2012 campaign…

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Iran is considering letting residents invest in oil on the domestic energy exchange, Iranian President Hassan Rouhani said, as the Islamic Republic’s economy and its people are struggling with the coronavirus outbreak, low oil prices, and U.S. sanctions on Iran’s energy, shipping, and banking industries.    “The government, especially the economic board, has always been trying to adopt and implement policies and measures to control liquidity and direct it to the right path and production cycle,” the official website of the Iranian president quoted Rouhani as saying on Tuesday. Iran’s plan…

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Chevron’s interest in the giant offshore Leviathan gas field in the Mediterranean is the starting point for what ended as a $5-billion acquisition of Noble Energy, Reuters reports, citing a regulatory filing. The filing reveals that Chevron initially planned to take a 50-percent stake in the Israeli field that Noble Energy is developing in partnership with local Delek. The field’s development will cost billions of dollars, so Noble was on the prowl for a partner to shoulder part of the burden. But things worsened. As the oil industry collapsed this year…

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