The collapse of the OPEC+ alliance and Saudi Arabia’s subsequent decision over the weekend to launch an all-out price war in crude has upended markets and further roiled a world already strained by the coronavirus crisis. There will be lasting consequences. Oil prices plummeted 30% when futures trading opened Sunday night, a direct consequence of OPEC and Russia’s failed meeting…
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As the world watches an oil price war unfold between Russia, OPEC, and US shale, another major crisis is looming in the Middle East. Saudi Arabia is facing multiple existential threats as a renewed oil price slump threatens to not only hit the country’s revenues and economic diversification programs but also the already fragile position of Saudi Crown Prince Mohammed bin Salman.…
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The unchecked burning of solid waste, generated by industrial units, on the sides of Haripur-Taxila road near the Hattar Industrial Estate continues to expose the transporters, commuters and residents of a number of neighbouring localities to multiple health hazards. The rising environmental pollution in the area points to apathy of the authorities concerned and lack of any strategy to address…
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London (CNN Business)Oil prices have suffered their biggest fall since the day in 1991 when American forces launched air strikes on Iraqi troops following their invasion of Kuwait.Monday’s crash spooked markets that were already freaking out about the impact of the coronavirus pandemic on the global economy and demand for oil. Brent crude futures, the global oil benchmark, were down 22%, last trading at $35.45 per…
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MOSCOW (Bloomberg) –Vladimir Putin’s resistance to further output cuts has pushed Russia’s accord with the OPEC cartel that controls more than half of the world’s oil production toward breakdown. Some key metrics guiding the Russian economy help explain the president’s reasoning. “Thanks to Russia taking harsh measures earlier, Russia can now afford a lower oil price than five to six…
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Siemens completed the grid connection for Gharo Solar Ltd.’s 50-megawatt solar plant in the Thatta district in Pakistan’s Sindh Province through a 132 kilovolt (kV) grid station. Clean energy from the plant will feed into K-Electric’s power grid. This was the first contract that Siemens has completed for a solar power plant in Pakistan. The grid station is equipped with…
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TASHKENT, Uzbekistan, (UrduPoint / Pakistan Point News / WAM – 08th Mar, 2020) ACWA Power has announced the signing of three new strategic agreements, potentially worth up to US$2.5 billion, with the Ministry of Energy of Uzbekistan to amplify power generation and develop technical expertise. The agreements include a 25-year Power Purchase Agreement, PPA, and Investment Agreement – with a…
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Secretary Energy and Power, Khyber Pakhtunkhwa Mohammad Zubair Khan has said that the provincial government would supply cheap electricity produced from the resources of the province to the industrial units of the Rashakai Economic Zone through wheeling charges. He expressed these views while speaking in a progress review meeting on the energy sector projects initiated under China Pakistan Economic Corridor…
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There are no two ways about it: Engro had a great year in 2019. Revenue was up 32%, which is no mean feat for one of Pakistan’s largest conglomerates, and profits were up 30%. While the company has eight active business lines, it was abundantly clear that the star for this year was the energy subsidiary, driven by massive increases…
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Oil crashed the most in 29 years as Saudi Arabia and Russia vowed to pump more in a battle for market share just as the coronavirus spurs the first decline in demand since 2009. Futures slumped by about 25% in New York and London Monday as Moscow and Riyadh began an all-out price war after the collapse of talks between members of…
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