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Category: News & Announcement
Germany to break free from Russian gas with two LNG terminals
This was announced by German Chancellor Olaf Scholz at a special session of the Bundestag on 27 February 2022 addressing Russia’s attack on Ukraine. As informed, the LNG terminals are planned to be located in Brunsbüttel and Wilhelmshaven. Currently, there are several liquefied natural gas terminals in Europe, however, none of them are located in Germany. Security of energy supply Scholz also confirmed the country will increase the amount of natural gas in storage via long-term options to two billion cubic meters. Furthermore, Germany will acquire additional natural gas on the world…
Read MoreOLIVE TS, HDPPL sign ‘Services Agreement’
OLIVE Technical Services; a wholly owned subsidiary of Fauji Fertilizer Company (FFC) and Hydro China Dawood Power (Pvt) Ltd (HDPPL) signed a Services Agreement on Monday 28th February, 2022 at Gharo, Pakistan. Under this agreement, OLIVE Technical Services shall carry out detailed End of Warranty Inspection Services for 49.5 MW Wind Power Plant of HDPPL located at Gharo, Sindh, Pakistan. The services shall be conducted in two phases spanning over a period of 5 months. This is a big step towards self-reliance and sustainability of domestic wind industry, which will…
Read MoreAnother big rise in oil prices likely
As tensions boil over in Europe after Russia’s invasion of Ukraine, the prices of petroleum products in Pakistan are likely to surge by up to Rs9.59 per litre from March 1, 2022. In mid-February, the government has already made a record increase in prices of petroleum products, when it raised the price of petrol by Rs12.03 per litre to Rs159.86 per litre. On February 16, the crude oil price stood at $94 per barrel in the international market. As Russia launched an attack on its neighbour, the price of oil…
Read MoreNew exploration, more gas production: PD asked to set up technical group
The Economic Coordination Committee (ECC) of the Cabinet has directed Petroleum Division to constitute a technical group to examine the options of new exploration as well as enhancing gas production from existing fields through some incentives, and diverting new exploration towards LPG. These directions were issued at a recent meeting of the ECC during discussion on a proposal of Petroleum Division regarding revision of Gas Price of Mazarani Gas Field held by M/s PPL and GHPL. Petroleum Division, in its summary, proposed that the request of the Pakistan Petroleum Limited…
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