Category: News & Announcement

ISLAMABAD: Asian Development Bank (ADB) has assured to provide $1.7 billion to Pakistan to fight the impacts of coronavirus.The assurance was given by the President of the bank during a virtual meeting with Minister for Economic Affairs Khusro Bakhtiar.The bank will approve $800 million budget support by June this year. It will provide the next tranche of $900 million by the end of this year.The budget support will be provided to Pakistan on special concessionary basis.The minister for economic affairs thanked the Asian Development Bank for extending the financial cooperation…

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Coronavirus has been detected on particles of air pollution by scientists investigating whether this could enable it to be carried over longer distances and increase the number of people infected. The work is preliminary and it is not yet known if the virus remains viable on pollution particles and in sufficient quantity to cause disease. The Italian scientists used standard techniques to collect outdoor air pollution samples at one urban and one industrial site in Bergamo province and identified a gene highly specific to Covid-19 in multiple samples. The detection…

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Short sellers targeting the Oil & Gas Storage & Transportation sector have made $6.58 billion in mark-to-market profits this year, said S3 Partners in a note published Tuesday. Investors betting against the sector hit “oil, black gold, Texas tea” in every stock except 6.5% that generated a relatively small loss of $2.07 million. The most profitable shorts were Energy Transfer LP, Enbridge, Oneok, Enterprise Products and Pembina Pipeline. Short interest in the sector has averaged $13.76 billion in 2020. Prior to last week, short sellers were actively covering their positions…

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Global lockdowns have resulted in a drastic reduction in oil demand. A long and painful deliberative process to cut the global supply of oil by OPEC+ group of major oil exporting countries, each vying for greater oil revenues and lesser proportion of cutting down supplies, could only manage to reach consensus on cutting around 9.7 million barrels a day of oil supplies. By the last week of March, however, the consumption of crude had dropped by between 15 million and 20 million barrels a day from the normal level of…

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The Abu Dhabi Department of Energy, DoE, has launched a new campaign titled “Our Commitment – Our Nation’s Power” to highlight the critical role the energy sector plays in supporting communities and in the continuity of key sectors and maintaining social and economic stability in Abu Dhabi and the UAE. The campaign underlines the importance of the electricity and water sector in Abu Dhabi and of the security of supply to ensure stability for the emirate’s vital industries, in collaboration with the DoE’s strategic partners. Awaidha Murshed Al Marar, Chairman…

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