Category: News & Announcement

Russia’s exports of petroleum products to the United States more than doubled in the first half of 2020 compared to the same period last year, reaching their highest levels since at least 2004, Russian outlet RBC reported, citing Russian customs data. Russia’s oil products exports to the U.S. jumped to 9.1 million tons between January and June 2020, up from 4 million tons for the same period in 2019. The U.S. was Russia’s second-largest buyer of oil products – accounting for 12 percent of Russia’s petroleum products exports – after…

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U.S. refiners are feeling the pinch not only from the lower fuel demand, but also from the surging costs for complying with the biofuel requirements as refining and blending activity is lower than usual. Under the Renewable Fuel Standard (RFS), oil refiners are required to blend growing amounts of renewable fuels into gasoline and diesel. Refiners that don’t have the infrastructure to blend biofuels must purchase tradeable blending credits known as Renewable Identification Numbers, or RINs. Because of the slump in demand, blending activity has been lower than what is…

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US President Donald Trump’s much heralded new tone on the coronavirus pandemic evaporated on Tuesday in a burst of misleading medical speculation, criticism for his own top virus expert, and praise for an eccentric preacher-doctor touting conspiracy theories. Just a week ago, Trump sought to get his shaky re-election campaign back on track by addressing national criticism of a leadership void in a crisis that has already killed nearly 150,000 Americans and wreaked havoc on the world’s biggest economy. The president admitted things were going to “get worse before they…

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ISLAMABAD: Federal Minister for Energy Omar Ayub Khan on Wednesday said the government planned to hold a thorough investigation into the fuel crisis, which occurred last month, to take the elements involved in hoarding and creating artificial shortage of the commodity to task.  “A commission has been formed by the federal cabinet in its last meeting,” the minister said, during the question hour session in the National Assembly.  Wondering where the stocks had gone, he noted the sales of petrol stood almost at 28% as compared to the corresponding period…

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ISLAMABAD: Ministry of Water Resources (MoWR) has challenged recommendations of Council of Common Interests (CCI) regarding appointments of Wapda Chairman and Members, saying the direction is against the judgment of Lahore High Court (LHC), sources in the Ministry told Business Recorder. Wapda was established as a body corporate under section 3 of an Act of Parliament in 1958 for the unified and coordinated development of the water and power resources of Pakistan. The appointment of Chairman and Members of the Authority is to empower the Federal Government under section 4…

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