Category: News & Announcement

Turkey is working to increase the natural gas storage capacity at its facilities. Accordingly, the total capacity of the two facilities, Silivri and Lake Tuz underground natural gas storage facilities, will reach 10 billion cubic meters (bcm) next year, with the completion of the capacity increase works, Energy and Natural Resources Minister Fatih Dönmez said Sunday. Dönmez made the statements during his visit to the Silivri Underground Natural Gas Storage Facility, Turkey’s first natural gas storage facility, owned by the country’s Petroleum Pipeline Corporation (BOTAŞ). Dönmez also visited the drilling…

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The average cost of fuel used for electricity production doubled last month compared to Jan 2021, raising serious inflationary concerns among commercial and residential consumers alike. Even if we look at the Nepra data for Dec 2021, fuel costs were still up by almost 50%. Although the increase is mainly for reasons beyond the government’s hands — prices of coal, natural gas and petroleum products have been rising sharply all over the world — it is clear in hindsight that the push to encourage consumers to use electricity instead of…

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The scourge of circular debt of cash bleeding power sector has gone up by Rs1,328 billion in the last 40-month rule of PTI government, climbing up to Rs2,476 billion till December 2021.https://0200f1fc14232232425dd4f5771e468d.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html “The Circular Debt (CD) stood at Rs1,148 billion when the PTI government had assumed reins of power in August 2018. It has now gone up to Rs2,476 billion, indicating that it increased by Rs1,328 billion in the last 40 months period,” official estimates presented before the government on Thursday revealed. It clearly demonstrates that the PTI government failed…

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China’s thermal coal futures fell as much as 7.5% on Thursday after the state planner warned companies against inflating coal prices and reiterated it would ensure enough supply to stabilise markets. The most-active thermal coal futures on the Zhengzhou Commodity Exchange were down 3.5% at 836.2 yuan a tonne by 0330 GMT, after falling as much as 7.5% at one point. But the contract is still up 24% this year, still less than half the life-time high touched during the power crunch in October last year. The most-traded coking coal…

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The Metro-BII Renewables joint venture aims to add 500 megawatts (MW) low-cost renewable power to Pakistan in the medium term, increasing jobs and expanding economic opportunities • The joint venture will mitigate Pakistan’s carbon emissions, cutting 728,000 tonnes of carbon dioxide per year for the planet • Investment aligns with CDC’s ambition to invest over £3 billion of climate finance over the next five years CDC Group (soon to become British International Investment – BII) and Gul Ahmed Metro Group (GAM), are today announcing their partnership to form the Metro-BII…

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