Category: Highlights

Aramco Launches First Branded Retail Station in Pakistan

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Branded Retail Station in Pakistan

October 29, 2024 Lahore, Pakistan – Aramco, the world’s leading integrated energy and chemicals company, has inaugurated its first fuel retail station in Pakistan. This milestone follows Aramco’s acquisition of a 40% stake in Gas & Oil Pakistan (GO), a major downstream sector player with over 1,200 nationwide fuel retail stations. Key Highlights Yasser M. Mufti, Aramco’s Executive Vice President of Products & Customers, emphasized: “This launch marks another milestone in Aramco’s downstream growth story, leveraging our global refinery systems for reliable supplies and introducing world-class retail offerings.” Khalid Riaz,…

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NEPRA Rejects Proposed Legal Amendments for Economic Load Management

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Nepra-tariff

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has reportedly dismissed proposed amendments to the NEPRA Act aimed at implementing economic load management, asserting that these changes would contravene existing laws and consumer rights. Sources indicate that the Power Division had submitted a summary seeking specific modifications to the NEPRA Act, including: Defining “load shedding” within the Act as the planned reduction of consumer load due to technical, commercial, or economic factors, with NEPRA’s approval.Allowing the federal government to issue policy guidelines on load shedding due to economic constraints, with…

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Pakistan’s 93 IPPs Generating 22,671 MW Amid Efforts for Power Sector Reforms

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Power project

ISLAMABAD: Federal Minister for Energy (Power Division) Sardar Awais Ahmad Khan Leghari informed the National Assembly that Pakistan currently operates 93 Independent Power Producers (IPPs) with a total power generation capacity of 22,671 MW. In response to MNA Muhammad Atif’s question, Minister Leghari outlined the breakdown, noting 50 IPPs are locally funded, 17 are foreign-funded, and 26 are funded through a mix of local and foreign investments. Highlighting significant financial commitments, the minister disclosed that the government paid Rs428.435 billion in capacity payments during the 2023-24 fiscal year to four…

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Grid-based battery energy storage solutions

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grid based battery storage

The rise in demand for electric vehicles (EVs) worldwide, driven by governments’ rebates to curb carbon emissions, has spurred advancements in battery technology. Significant research funding has gone into the EV battery to achieve the objectives of a high number of charge cycles, distance, and low weight and volume, with Chinese companies, CATL and BYD are leading the way. These developments and the economies of scale have resulted in a constant decline in the cost of storage batteries. Lately, falling international prices of raw materials have pushed the small battery manufacturers out, leaving a few major players,…

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Oil slides 5% after limited Israeli retaliatory attack on Iran

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oil price

Oil prices tumbled by around $4 a barrel on Monday after Israel’s retaliatory strike against Iran at the weekend bypassed oil and nuclear facilities and did not disrupt energy supplies. Brent futures were down $4.13, or 5.43%, at $71.92 a barrel at 1445 GMT, while WTI U.S. crude futures lost $4.04, or 5.63%, to $67.74. Both Brent and U.S. West Texas Intermediate crude futures hit their lowest since Oct. 1 at the open. The benchmarks gained 4% last week in volatile trade as markets priced in uncertainty over the looming…

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