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Read MoreTotal chief warns of renewable energy bubble
Category: Uncategorized
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…
Read MoreSindh 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…
Read MoreOGRA 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…
Read MoreWashington 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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