According to analysts predictions, global coal industry will never recover from the COVID-19 pandemic as the pandemic crisis proves that renewable energy is cheaper for consumers and a safer asset for investors. The transition from highly polluting fossil fuels to cleaner energy sources is accelerating even during the blockade, which has led to the closure of power plants in several…
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ederal prosecutors in the United States are looking to seize Iranian gasoline on tankers currently en route to Venezuela by filing a civil-forfeiture complaint, The Wall Street Journal reported on Thursday, as the U.S. steps up sanctions and pressure against both Iran and Venezuela. Four tankers loaded with gasoline are currently traveling to Venezuela, after the first of five tankers…
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This isn’t a revolution. It’s an evolution, and while that may lack the shock and awe of something like the shale boom, its long-term impact is extreme. This is the world of renewable energy, and three decades of progress shows a clear and undeniable pattern. It’s hard to believe that we’ve been using solar and wind power for about thirty…
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OPEC’s oil production in June came in at the lowest level since May 1991 during the Gulf War, and collectively meeting its promised cut. For June, OPEC cut its production to 22.69 million bpd, according to a Bloomberg survey using data compiled by Kpler, Rystad Energy, Rapidan Energy Group, and JBC Energy GmbH. Saudi Arabia met its promised cut, holding production…
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Energy Transfer, the company behind the controversial Dakota Access oil pipeline, has declared force majeure on the project to stop companies from pulling out of its plan to double the pipeline’s capacity. Reuters reported, citing unnamed sources in the know, that Energy Transfer is using force majeure to prevent companies that think the pipeline is no longer necessary to stick to…
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ISLAMABAD: Rebuffing the power regulator’s advice, the Power Division on Wednesday put on hold making fresh commitments for new power projects until a consensus is reached on the country’s first Integrated Generation Capacity Expansion Plan (2020-2047) awaiting approval of the National Electric Power Regulatory Authority (Nepra). “It would not be proper or in the national interest to go back to…
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KARACHI: Mr. Haroon Rashid, CEO Shell Pakistan Limited, has been elected as the President of the Overseas Investors Chamber of Commerce & Industry (OICCI) with effect from July 1, 2020. His appointment came following a successful tenure of Mr Shazad Dada, who resigned as the President of OICCI after resigning from Standard Chartered Bank and taking over as President of United…
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ISLAMABAD: After months of speculation, the government removed Secretary Power Irfan Ali on Tuesday following his disagreements with key authorities over a number of contentious issues, including net hydel profit (NHP) to provinces, unending circular debt, the procedure for induction of future power projects and ongoing problems with K-Electric. A grade-22 officer of the Pakistan Administrative Service, Mr Ali was…
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Bus ride-hailing service Airlift has raised an impressive $10 million in Series A-1 financing, taking its total investment to $24.1m, its co-founder and CEO Usman Gul said in a statement. “At a time of mass turbulence in capital markets, Airlift’s Series A-1 round marks one of the largest capital investments in the region,” Gul said in a statement posted on Medium.…
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KARACHI: K-Electric (KE) has received a fresh Public Announcement of Intention (PAI) from Shanghai Electric to acquire 66.4 per cent voting shares of KE. As per documents, Shanghai Electric intends to acquire 18,335,542,678 ordinary shares of KE, which is equivalent to 66.4 per cent of KE’s total issued share capital. The intended acquisition entails a purchase of 66.4 per cent of…
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