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Italian energy group Eni has agreed to sell gas group Snam 49.9% of its stake in strategic pipelines carrying Algerian gas into Italy for 385 million euros ($436 million), the two companies said on Saturday. The pipelines will be jointly controlled by the two companies, they said in a joint statement. Italy imports more than 90% of its overall gas needs and Algerian gas currently accounts for around 30% of flows. “This transaction allows us to free up new resources to be used on our energy transition path,” Eni Chief…

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KOHAT: The Sui Northern Gas Pipelines Limited (SNGPL) restored gas supply to the affected areas and resolved the problem of low pressure in other parts on Friday night following a meeting of women protesters with the administration. The Pesco has also curtailed timings of outages by half and addressed the fluctuation issue. The unscheduled outages of one hour have been decreased to half an hour intermittently. Deputy commissioner Roshan Mehsud after a meeting with the delegation of the protesting men and women on Friday afternoon had directed the SNGPL not…

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Stocks in the outgoing week sustained worst weekly losses since Covid-19 outbreak, but there are bets Saudi dollars may spur a rally with the caveat of any macroeconomic shocks that can limit trade. Week-on-week, KSE-100 Shares Index, the benchmark of Pakistan Stock Exchange (PSX) lost 2,375 points or 5.11 percent to close at 44,114 points, the highest weekly decline since March 27, 2020. “Going forward, we expect the market to show positivity, attributable to Saudi Arabian assistance in terms of safe deposits of $3 billion due next week that will…

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Though Pakistan’s petrol retailers have called off their nation-wide strike after reaching an agreement with the government over an increase in profit margins, the country’s energy policies once again become a focus of questions that need answers. The issue of ‘low profit’ margins is debatable and the government is ultimately responsible for setting a reasonable margin that is neither too exacting to consumers nor too low for the filling stations to survive. As it appears, there is not enough check on the retailers in terms of the quality and quantity…

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The downward spiral in prices comes three days after a U.S.-led effort by top consuming nations to release stockpiled crude in an attempt to tame surging energy inflation. Next week’s OPEC+ meeting will now take on an even greater significance, as the producer group led by Saudi Arabia and Russia must decide whether to continue ratcheting up supply or pause the increases in response to the latest market volatility. OPEC+ is leaning toward abandoning a plan for a modest production hike scheduled for January when it meets on Dec. 1 to 2,…

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