In partnership with the business sector, the Japanese government will invest some $14.4 billion (1.5 trillion yen) in liquefied natural gas development in Mozambique, the Nikkei Asian Review reported. According to the report, the money will fund the development of a gas field in the African country to produce some 12 million tons of LNG annually, beginning in 2024. As part…
Read More
Elon Musk took his Twitter feud with Tesla’s short sellers and the Securities and Exchange Commission to a whole new level on Thursday evening, mocking the traders who had bet against the EV maker, as well as the U.S. market regulator, as Tesla’s stock hit a new record-high of $1,208, rallying 7.95 percent. In a series of tweets, Musk asked,…
Read More
Out of Spain’s 15 coal-fired plants, seven ceased operations on June 30. Four more will soon follow, putting Spain on track to ultimately become coal-free. The country closed all its coal mines two and a half years ago as a result of the European Union banning their state aid. The demise of coal in SpainThe seven plants that have shut…
Read More
ISLAMABAD: The country’s automotive industry has reportedly sought two years to switch over to Euro IV/ V fuel or exclude existing models under production in the country, sources close to Secretary Industries and Production told Business Recorder. On June 4, 2020, Cabinet Committee on Energy (CCoE) disallowed Oil Marketing Companies (OMC) to import petrol below Euro-V after August 1, 2020. The…
Read More
Oil & Gas Development Company Limited (OGDCL) as operator with (50%share), Mari Petroleum Company Limited (MPCL) (33.33%) & Saif Energy Limited(SEL)(16.67%) in joint venture of Kohat Exploration Licence (E.L) has started commercial production of Gas and Condensate from its exploratory well Togh # 01, which is located in district Kohat, Khyber Pakhtunkhwa Province. OGDCL indigenously completed 8” inch dia, 3.5…
Read More
The Cabinet Committee on Privatisation (CCoP) on Thursday decided against privatising the Roosevelt Hotel in New York, owned by the embattled Pakistan International Airlines (PIA), and to run it through a joint venture instead. A meeting of the committee was chaired by Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh to review the one-point agenda of the…
Read More
More than 100 people have tested positive for coronavirus in India after attending the wedding — and then funeral — of the groom, who reportedly tied the knot while ill with the disease. Officials in Bihar state said Wednesday that the 26-year-old groom had symptoms of the deadly virus when he got married on June 15. He died two days…
Read More
Pakistan International Airlines has been downgraded to a one-star airline by AirlineRatings.com after the recent revelation of 150 fake pilot licenses. The EU has now banned the airline from Europe, losing one-star while AirlineRatings.com has stripped the airline of its three-stars for the IATA Operational Safety Audit (IOSA) as well as the one-star for the ICAO country audit. READ: Airbus…
Read More
When Saudi Arabia caused oil prices to tumble in March the impact on oil producers’ revenues was immediate. But in neighbouring Qatar, which is a leading producer of liquefied natural gas (LNG), the situation is more complicated. Last year, LNG accounted for $45.3bn (62 percent) of Qatar’s $73.1bn in export revenues. LNG prices are linked to oil and have also plummeted since March,…
Read More
Japan’s Hitachi has completed its acquisition of a majority stake in ABB Power Grids worth up to $7.8 billion, creating a new business aimed at tackling the renewable and distributed energy frontiers of the power industry. Hitachi ABB Power Grids is the new company formed Wednesday by the close of Hitachi’s acquisition of an 80.1 percent stake in the venerable power grids…
Read More
