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BP Chief Executive Bernard Looney is betting on hydrogen to power future low-carbon businesses as the governments of major economies stump up cash to develop the fuel to decarbonise. Low-carbon hydrogen already has a big fan-base and is forecast to play a major role in reducing greenhouse gas emissions from heavy industries and some forms of transport. But it is expensive to produce and often needs government support to compete against fossil fuels. The United States, for example, is offering large incentives for producing it under President Joe Biden’s $430…

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Coal importers have asked the government to reduce a Rs100 million paid-up capital requirement for a company to participate in a bid to supply the solid fuel for energy, cement, and other industries to Rs50 million, saying the high requirement of the capital was hindering many companies to participate in the competition and only a few companies always win the bid. The National Electric Power Regulatory Authority (NEPRA) held a public hearing with chairman of the authority Tauseef H. Farooqi in the chair to address concerns raised by independent power…

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Local refineries have started exploring the options to export high sulfur fuel oil (HSFO), with Pak Arab Refinery Limited (PARCO) becoming the first one to invite bids for the purpose this season. During the last few weeks, HSFO stock started piling up at the local refineries after power plants refused to procure the commodity for power generation due to falling consumption of electricity in the country. Presently, the total HSFO stock stands at 490,000 tonnes. PARCO invited the bids for the export of HSFO and started shifting the stock to…

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The market for old oil tankers is booming, and it’s all down to efforts by Western nations to curb trade in Russian crude. As Western shipping and maritime services firms steer clear of Russian oil to avoid falling foul of sanctions or harming their reputations, new companies have leapt into the void, and they’re snapping up old tankers that might normally be scrapped. The European Union banned all seaborne Russian crude imports from Dec. 5, with a fuel import ban to follow in February. It also banned companies and individuals…

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Stressing the need for cheaper electricity generation, Prime Minister Shehbaz Sharif has said that Pakistan, which is already facing immense challenges of economic stability, could not bear the high costs of energy import bills. The premier made the remarks while addressing the inaugural ceremony of the refurbishment project of Units 5 and 6 of the Mangla Dam Hydroelectric Power Plant on Monday, carried out with the support of the United States Agency for International Development (USAID). He said that the energy import bill has swelled to $27 billion and underscored…

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