Category: Highlights

Iraq’s fuel oil exports head for record year after Oct volumes jump

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Iraq’s fuel oil

SINGAPORE: Iraq’s fuel oil exports are on track to hit all-time highs this year after the country ramped up shipments in October as domestic demand eased even as output rose, according to industry sources and ship-tracking data. The boost in exports of the residue fuel will support oil revenues for OPEC’s second-largest producer despite stagnant crude shipments this year due to production caps under quotas set by the Organization of the Petroleum Exporting Countries and its allies, or OPEC+. Higher exports from Iraq will also add to global supply and…

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Expanding renewables: Kohat Cement installs 5.34 MW solar power plant

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soalr energy

Kohat Cement Company Limited (KOHC) has installed and commissioned a 5.34 MW on-grid solar power plant. The cement maker shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. “We are pleased to announce that the company has successfully installed and commissioned a 5.34 MW on-grid solar power plant at the company’s plant site, Kohat,” read the notice. “This installation is in addition to the 10 MW solar power plant already installed and operational at the same location,” it added. KOHC is one of the strong…

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IDEAS 2024: Global Defence Innovation Takes Center Stage

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IDEAS-2024

KARACHI: The 12th edition of the International Defence Exhibition and Seminar (IDEAS 2024) began with a grand inauguration at the Karachi Expo Centre on Tuesday. Federal Minister for Defence Production Khawaja Muhammad Asif presided over the ceremony, highlighting Pakistan’s commitment to international peace and security. This year’s IDEAS exhibition set new benchmarks with full capacity bookings at the venue. Over 560 exhibitors from 41 countries, including Turkey, China, Iran, the UK, and North and South America, are showcasing cutting-edge defence equipment. More than 350 high-level delegations from 55 countries are…

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Oil prices up nearly 3pc

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Oil price

NEW YORK: Oil prices gained about $2 a barrel on Monday after news of halted crude production at Norway’s Johan Sverdrup oilfield, which added to earlier gains stemming from escalation in the Russia-Ukraine war. Brent crude futures were up $2, or 2.8%, to $73.04 a barrel at 11:55 a.m. EST (1655 GMT), while US West Texas Intermediate crude futures were at $68.90 a barrel, up $1.88, or 2.8%. Equinor said it had halted output from its Johan Sverdrup oilfield, western Europe’s largest, due to an onshore power outage, without a…

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Pakistan’s power generation increases in October as cost surges

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Power genration

Power generation in Pakistan stood at 10,262 GWh (13,793 MW) in October 2024, an increase of over 7% YoY compared to the same period of the previous year. In the first four months of FY25 (July-October), power generation fell by 5% YoY to 50,808 GWh compared to 53,709 GWh in the SPLY. Analysts have voiced concerns over the decline in Pakistan’s electricity consumption amid sluggish economic activity and high energy costs. Adding to the challenge is a growing shift towards alternative energy sources, especially solar, which has become increasingly popular…

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