Category: News & Announcement

LONDON: Oil prices were set for their biggest weekly slide since the 2008 financial crisis despite a 5% bounce on Friday, as the coronavirus outbreak threatened demand and crude producers promised more supply. Brent crude was up $1.83, or 5.5% on the day, at $35.05 per barrel by 1100 GMT but were still 23% lower on the week – the biggest weekly drop since December 2008. US West Texas Intermediate (WTI) crude was up $1.54, or 4.9%, at $33.05 per barrel but was also on track to lose a fifth of…

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Just two weeks before it was set to take place the 27th HVACR EXPO, Pakistan’s biggest HVACR related event has been delayed as the global Coronavirus outbreak becomes deadlier. The World Health Organization (WHO) has declared Novel Coronavirus is a Pandemic and global health emergency. The event was originally supposed to take place in the last week of March. It has now been moved to 23 – 25th July 2020. The official Press statement issued by the Pakistan HVACR society states, “Because of the Novel Coronavirus, many of our International Partners…

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The 2,400MW Hassyan clean coal power station is an ultra-supercritical (USC) power plant being developed in Saih Shuaib, Dubai, United Arab Emirates. Upon completion, the project is set to be the first coal-based power plant in the region. Construction of the $3.4bn power plant commenced in November 2016. It will comprise four units of 600MW each, which are expected to start operations in 2020, 2021, 2022 and 2023 respectively, in March of those years. Hassyan Energy Company, which is a joint-venture (JV) between Dubai Electricity and Water Authority (DEWA, 51%) and…

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The Federal Reserve took drastic action on Thursday as the stock market meltdown accelerated, pledging to inject as much as $1.5 trillion into U.S. markets to cull the growing panic sparked by the Coronavirus pandemic. The Fed noted in a statement, “These changes are being made to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak,” adding that the operations “will be adjusted as needed to foster smooth Treasury market functioning.” The Fed originally announced an offer to purchase just $500 billion in a so-called three-month…

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Several democratic presidential candidates have proposed fracking bans, but oil companies have room to breathe easily knowing that killing off fracking in the US is a bit too big of a bite for any political party to handle. But as environmental issues continue to remain front and center in the media, fracking has become a rather easy target that offers political candidates a juicy platform from which they can woo voters. But is their plan to ban fracking really feasible? And doesn’t the American shale patch already have enough–and bigger–enemies?…

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