Category: News & Announcement

ISLAMABAD:  Pakistan might have to face shortage of petroleum products if refineries opt to cut production due to cheaper imports by Pakistan State Oil (PSO), leading to negative margins. Oil refineries have informed the government that they have faced inventory losses worth Rs31 billion in March and April following lockdowns that shook global oil markets. They also informed the government that slowdown/shutdown of any refinery in the country would have serious implications including product shortage/dryouts, port constraints and heavy strain on the country’s precious foreign exchange due to import substitution.…

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Nearly 70 percent of businesses in Dubai expect to close within the next six months due to the coronavirus pandemic, according to a survey by the Dubai Chamber of Commerce. The survey released on Thursday said that more than 90 percent of the companies said they registered a decrease in sales and turnover in Q1 2020 due to the COVID-19 pandemic. The economic downturn due to the global coronavirus crisis has mainly impacted small and medium-sized companies. For all the latest headlines follow our Google News channel online or via…

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25 new power projects by Independent Power Producers (IPPs) are under construction in various parts of the country and will add up to 12,464 megawatts of electricity to the national grid by 2028. The state-run news agency, APP reported this, quoting sources within the Power Infrastructure Board (PPIB). The board was set up in 1994 to promote private investments in the power sector. Later, PPIB was converted into a statutory organization through the Private Power and Infrastructure Board Act 2012 (Act VI of 2012). The report said that the power…

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For more than 100,000 years humans derived all their energy from what they hunted, gathered and grazed on or grew for themselves. Their own energy for moving things came from what they ate. Energy for light and heat came from burning the rest. In recent millennia they added energy from the flow of water and, later, air to the repertoire. But, important as water- and windmills were, they did little to change the overall energy picture. Global energy use broadly tracked the size of a population fed by farms and warmed…

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Construction of new wind and solar farms is being delayed by factory closures, workers’ needs for social distancing and developers’ financial concerns as they emerge from the coronavirus crisis, according to research from the International Energy Agency. The world is set to add 167 gigawatts of renewable power capacity this year, 13% less than in 2019. It’s a reality check for a sector that’s seen only growth for years and has emerged relatively unscathed from the plunge in energy demand that’s hit the oil and gas business. “The continued decrease in…

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