Hemmed in by weak demand and scarce storage, the world’s biggest exporter of liquefied natural gas may soon face a stark choice: curb output or ignite a battle for market share that has the potential — just as in the oil market — to turn gas prices negative. Qatar began in February redirecting LNG cargoes away from Asia, where the coronavirus was hobbling…
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The Covid-19 has added to woes of the power sector that has faced a revenue hit of over Rs300 billion in the wake of the pandemic, which is said to have affected the entire energy chain due to circular debt. The power sector has suffered the revenue shortfall on account of a drop in electricity sales due to lockdown, freezing…
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National Transmission and Despatch Company (NTDC) has connected High Voltage Direct Current (HVDC) system with High Voltage Alternating Current (HVAC) system first time in Pakistan. The NTDC spokesman said that for the purpose, about three kilometer long 500 kV AC Transmission Line i.e 500 kV Double Circuit Transmission Line on quad-bundled Drake conductor, for looping In/Out of second circuit of…
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Ministry of Finance has reportedly agreed to convert PHPL debt of over Rs 800 billion into public debt with bi-annual review of power sector performance as per an agreement with the World Bank, well-informed sources in Finance Division told Business Recorder. The ECC recently approved a proposal of Power Division for conversion of Rs 136.5 billion PHPL loan into public debt. The…
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ISLAMABAD: The government on Wednesday signed a Rs442 billion contract with a joint venture of China Power and Frontier Works Organisation (FWO) for the construction of the Diamer-Bhasha dam. The Chinese state-run firm holds 70 per cent and the FWO, a commercial arm of the Armed Forces of Pakistan, 30pc share in the consortium. The contract covers construction of a…
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ISLAMABAD: The federal government has decided to pursue a plan of hedging 15 million barrels of oil to benefit from the low prices in the global market in the wake of coronavirus lockdowns after finding offshore oil storages as unfeasible because of the higher costs. Oil had witnessed a drastic decline in the last few months, starting from a price war…
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The Trump administration claims that the U.S. is “transitioning to greatness,” and that energy companies are going to see “massive gains.” U.S. Secretary of Energy Dan Brouillette says there is “stability” in the oil mar Meanwhile, back in reality, U.S. oil production continues to decline as drillers shut in wells and cut back spending. Output has already declined by 1.1…
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The spot price of liquefied natural gas (LNG) in Asia has surged by more than 20 percent in one week after demand in key importers China and South Korea picked up, while buyers have also canceled U.S. LNG cargoes, traders told Reuters on Wednesday. The spot price at which several LNG cargoes have been traded have ranged between $2.40 per…
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May 13, 2020: In the wake of a meeting presided over by Prime Minister Mr. Imran Khan couple of days ago about water security and construction of mega dams including Diamer Basha Dam Project, all efforts are underway by the Pakistan Water and Power Development Authority (WAPDA) to ensure timely mobilization of the contractor and effective follow up on Diamer Basha…
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Vestas, Siemens Gamesa and General Electric were the largest suppliers last year in the consolidating global market for wind turbines, according to new figures from Wood Mackenzie. All three companies put up record installations in a global market expected to be worth $600 billion over the course of the 2019-2028 period. Denmark’s Vestas held onto its position as the world’s…
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