Category: Shortcode

Saudi-Russia oil cooperation going strong

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Oil price

OPEC+ has been cutting oil output since November in the face of flagging prices VIENNA: Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance, which will do “whatever necessary” to support the market, Saudi Energy Minister Prince Abdulaziz bin Salman told a conference on Wednesday. OPEC+ has been cutting oil output since November in the face of flagging prices. Saudi Arabia and Russia, the world’s biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. Yet the move only briefly…

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Indian oil refining claims rubbished

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Indian-oil

ISLAMABAD: Pakistan has forcefully dismissed the notion being floated in social media that Russian crude oil was refined in an Indian refinery before being sent to Karachi Port. Indian media is repeatedly claiming that the Russian oil was first processed in an Indian refinery and then dispatched for consumption in Pakistan. According to an Indian news outlet, it was the Russian president’s policy not to annoy India. However, the Pakistani side has rejected such claims, terming them “rubbish”. Pakistan Refinery Limited (PRL), which is processing the Russian crude, has turned…

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Pakistan’s businesses urge more help for crisis-hit economy after IMF deal

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IMF-board

Islamabad/New Delhi: Pakistan’s prime minister Shehbaz Sharif has vowed to turn round the country’s crisis-hit economy as he faces hotly contested elections this year, after the government secured a crucial $3 billion IMF rescue financing deal to avert the threat of default. Pakistan and the IMF on Friday reached a preliminary agreement for a nine-month, short-term loan package after months of tense negotiations, helping avert an imminent default after the country’s foreign reserves fell precariously low. The IMF’s board is expected to approve the deal by the middle of this…

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Abu Dhabi launches solar-powered rest areas for delivery riders

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solar-powered

Three solar-powered rest areas for delivery riders have been launched in Abu Dhabi to offer crucial respite from the intense summer heat. The emirate’s Joint Committee for Traffic Safety has joined forces with the Ministry of Human Resources and Emiratisation and food delivery company Talabat to provide shelter for workers while supporting the county’s green goals, under the Summer Together campaign. The shelters – built locally by Smart Energy Solutions – are air-conditioned and include seating, water dispensers and mobile charging facilities. They operate 24 hours a day and are equipped with rechargeable batteries,…

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Pakistan’s benefits on URAL stand at $7-8 million/100,000 tonnes

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crude

ISLAMABAD: Pakistani’s maximum benefit on Russian crude would stand at $7-8 million/100,000 tonnes compared to Middle Eastern oil, translating to Rs1.30/litre discount on petrol for consumers, an Energy Ministry official told The News. The discount could further increase to Rs1.60/litre petrol for the end consumers, in case National Refinery Limited, Pakistan Refinery Limited, and PARCO refined URAL, the official added. “The ultimate benefit for end consumers is too low against the government’s high hopes from the heavy Russian crude, which is being refined by the decades old Pakistan Refinery Limited,”…

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