Feb power bill will make people cry, says Miftah

KARACHI: Criticising the federal government for increasing the power tariff, Pakistan Muslim League-Nawaz Sindh’s secretary general and former finance minister Miftah Ismail on Monday said that people will scream when the February’s electricity bill will come. He said the federal government has been robbing the people in the name of fuel adjustment charges. He was addressing a press conference at the Muslim League House. Ismail said that Pakistan Tehreek-e-Insaf (PTI)’s “incompetent government is not ready to accept responsibility for anything and only blames the previous government of the PML-N for…

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Shell targets power trading and hydrogen in climate drive

Shell and its European rivals are seeking new business models to reduce their dependency on fossil fuels and appeal to investors concerned about the long-term outlook for an industry under intense pressure to slash greenhouse gas emissions. Shell will present its strategy on Feb. 11 and unlike Total and BP the company will focus more on becoming an intermediary between clean power producers and customers than investing billions in renewable projects, the sources said, giving previously unreported details of the plan. Shell announced in October it would increase its spending…

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Sindh alarmed by oil, gas shortage

Pakistan is facing an oil and natural gas shortage due to a considerable decrease in local production this year. The official data revealed that the commercial supply of oil decreased by 19.8 per cent in the financial year 2018-19 compared to the past years. The Hydrocarbon Development Institute of Pakistan, under the Ministry of Energy has published the Pakistan Energy Yearbook 2019. It states that the country has seen a 6.7 per cent increase in total energy consumption during the last six years. An increase in consumption of over 130 per…

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Pakistan opens bids for 20 onshore petroleum exploration blocks

ISLAMABAD: Pakistan has opened bids for 20 onshore petroleum exploration blocks, the government said in statement on Friday. “The minimum investment to be carried out by the exploration and production (E&P) companies in these blocks for prospecting will be over $71 million in three years,” a statement from the petroleum division said. The move to grant licences for discovery comes after a gap of several years as the country is facing depleting gas reserves, a rising domestic shortage and increasing reliance on imported liquefied natural gas (LNG).

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OGRA grants licences to two virtual pipeline firms

ISLAMABAD: In a new development, Pakistan’s private sector is going to introduce an innovative concept of virtual pipelines through cryogenic bowzers. Currently, Pakistan has two floating liquefied natural gas (LNG) terminals in Karachi with handling capacity of around 1.3 billion cubic feet per day (bcfd) of LNG. With the new concept of virtual pipelines, the government will open up the LNG market for the private sector to ship gas through such pipelines. Under this project, the private sector will not have to lay pipelines for gas transport. In a move…

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Washington Extends Citgo Protection From Creditors

The U.S. government this week extended the term of a protection measure against Citgo creditors until July next year, Reuters has reported, noting the measure effectively bars creditors from taking shares in Citgo as repayment for a bond that matured on October 27 this year. The bond was issued by Citgo’s parent company, Venezuela’s PDVSA, operating through a U.S.-based entity. Half of Citgo’s U.S. parent’s shares were used as collateral for the debt, sparking outrage among Venezuela’s opposition members, led by Juan Guaido, who tried to take control of the refiner…

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Faltering Oil Demand Is Wreaking Havoc On The Tanker Industry

Tanker owners had a blast in the spring: nations around the world went into lockdown, oil demand slumped, and hundreds of millions of barrels of excessive supply had to be stashed somewhere—offshore. Now, tanker rates are plummeting, and while industry insiders believe there is a light at the end of the tunnel, it is a long tunnel. The tanker market is in “cash burn mode”, said the chief executive of Diamond S Shipping, as quoted by Lloyd’s List. The amount of oil in floating storage has fallen significantly since this…

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K-Electric selects Oracle Cloud to automate material planning, delivery allocation

K-Electric, the sole electricity provider in the country’s business capital, Karachi, and nearby districts, has selected Oracle Fusion Cloud Supply Chain and Manufacturing (Oracle Cloud SCM) to automate its demand management and supply process for over 600 components of power distribution equipment.  This deployment will contribute to K-Electric’s mission to deliver uninterrupted, safe, and affordable power to Karachiites, as the new cloud offering can provide accurate forecasts to improve efficiency, reduce operational costs, and help enable K-Electric to respond quickly to increased power demand.  K-Electric will deploy Oracle Cloud SCM,…

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US Election 2020: Time for US to unite, President-elect Biden says

The BBC projects that Mr Biden has won the key battleground of Pennsylvania, propelling him over the 270 electoral college vote threshold required to clinch the White House. The Trump campaign has indicated their candidate does not plan to concede. Mr Biden said it was now time for America to “unite and heal”. “With the campaign over, it’s time to put the anger and the harsh rhetoric behind us and come together as a nation,” he said. Record turnout in the face of “unprecedented obstacles”, he said, showed democracy “beats…

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