Category: News & Announcement

akistan’s contribution was one of the few bright spots at the recently concluded virtual Climate Ambition Summit. Prime Minister Imran Khan announced that two major coal projects would be scrapped and declared the country will have no more “power based on coal” but instead build more hydropower. However, it became quickly apparent that Khan’s statement will not affect over 7,000 MW of coal power that Pakistan has recently built or which is in the pipeline under the China Pakistan Economic Corridor. The two coal power projects mentioned had already been scrapped…

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OPEC+ will take a more hands-on approach to global oil markets now that it plans to meet more frequently, Bloomberg has reported, citing the leaders of the group, Saudi Arabia and Russia. “We are meeting monthly because we believe that the market is still not recovered and is still extremely volatile,” Russian Deputy Prime Minister and former Energy Minister Alexander Novak said. “We need to adopt a hands-on approach and be able to react faster.” This denser meeting schedule will also help OPEC+ get the upperhand in directing oil markets…

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PetroChina discovered a natural gas field with reserves in excess of 100 billion cubic meters, Chinese states news agency Xinhua reported this weekend. The agency cited a company official who said the field could produce 610,000 cubic meters of gas plus 106.3 cubic meters of crude oil daily. “The discovery marks a major breakthrough in gas exploration in the southern rim of the Junggar Basin, which will further guarantee the gas supply of our company and contribute to the stability and prosperity of the region,” Huo Jin, general manager of…

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Coal consumption is set for a rebound of 2.6 percent next year as the world’s heavy industry emerges from the pandemic crisis, the International Energy Agency said in its latest report on the fossil fuel. The forecast is, of course, based on the assumption that the global economy will begin to recover next year, which is far from certain. China’s and India’s recovery, however, has a higher degree of certainty—both countries are already on the mend. The IEA acknowledged this in its report, noting the rebound in coal consumption will be led…

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Trans Mountain is halting construction work on the expansion of the oil pipeline in a voluntary safety stand-down of more than two weeks until January 4, the company said on Thursday, days after a worker was seriously injured. On Tuesday, an employee of a contractor working on the Trans Mountain Expansion Project at the Burnaby Terminal was seriously injured and remained in hospital in stable condition, the company said earlier this week. Trans Mountain, which carries crude oil from landlocked Alberta to the British Columbia coast, began last year work…

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