Category: News & Announcement

London (CNN Business)Oil prices have suffered their biggest fall since the day in 1991 when American forces launched air strikes on Iraqi troops following their invasion of Kuwait.Monday’s crash spooked markets that were already freaking out about the impact of the coronavirus pandemic on the global economy and demand for oil. Brent crude futures, the global oil benchmark, were down 22%, last trading at $35.45 per barrel. US oil is trading at $33.15 per barrel, a decline of nearly 20%.Here are five things you need to know:Why are oil prices crashing?Saudi Arabia, the world’s top exporter,…

Read More

MOSCOW (Bloomberg) –Vladimir Putin’s resistance to further output cuts has pushed Russia’s accord with the OPEC cartel that controls more than half of the world’s oil production toward breakdown. Some key metrics guiding the Russian economy help explain the president’s reasoning. “Thanks to Russia taking harsh measures earlier, Russia can now afford a lower oil price than five to six years ago,” said Dmitry Dolgin, chief economist at ING Bank in Moscow. Five years of austerity and safeguarding assets against the threat of U.S. sanctions have left Russia in a…

Read More

Siemens completed the grid connection for Gharo Solar Ltd.’s 50-megawatt solar plant in the Thatta district in Pakistan’s Sindh Province through a 132 kilovolt (kV) grid station. Clean energy from the plant will feed into K-Electric’s power grid. This was the first contract that Siemens has completed for a solar power plant in Pakistan. The grid station is equipped with digital technology that enhances controllability and reliability, while optimizing operating costs. Siemens supplied substation automation system as well as protection and control equipment. As part of the project, the company…

Read More

TASHKENT, Uzbekistan, (UrduPoint / Pakistan Point News / WAM – 08th Mar, 2020) ACWA Power has announced the signing of three new strategic agreements, potentially worth up to US$2.5 billion, with the Ministry of Energy of Uzbekistan to amplify power generation and develop technical expertise. The agreements include a 25-year Power Purchase Agreement, PPA, and Investment Agreement – with a total investment value of US$1.2 billion – for the development, construction and operation of a 1500 MW Combined Cycle Gas-Turbine, CCGT, power plant. The 1,500 MW CCGT power plant shall…

Read More

Secretary Energy and Power, Khyber Pakhtunkhwa Mohammad Zubair Khan has said that the provincial government would supply cheap electricity produced from the resources of the province to the industrial units of the Rashakai Economic Zone through wheeling charges. He expressed these views while speaking in a progress review meeting on the energy sector projects initiated under China Pakistan Economic Corridor (CPEC). Beside, Coordinator of the provincial government for CPEC Kamal Khan and Chief Executive Officer (CEO), Pakhtunkhwa Energy Development Organisation (PEDO), Engineer Naeem Khan, Additional Secretary Energy, Iftikhar Ahmad Marwat,…

Read More