ISLAMABAD: The government has decided in principle to set up a commission to probe the recent shortage of petroleum products, shift oil pricing to quarterly basis and change the pricing mechanism for imported Euro-V petrol and diesel to Platt’s Oilgram instead of PSO imports. A final approval is likely to be granted by the federal cabinet at a meeting on…
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LAHORE: Power generation in Pakistan has declined by 1% YoY to 121,867 GWh (23,618 MW) during FY20 as compared to 122,708 GWh (23,781 MW) in FY19 due to overall slow economic activity during the year and the impact of COVID-19 related lockdowns and restrictions during Mar-May 2020. According to sources, power mix during FY20 moved in favour of Hydel (32%…
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Islamabad: Foreign oil marketing firms-Shell and Total are in hot water as Pakistan has decided to form a Commission of Inquiry to probe into the recent shortage of petroleum products. Cabinet in its meeting scheduled on Tuesday is set to give-go ahead in this regard. Total and Shell were among those nine oil marketing companies that were imposed a fine…
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Iran has positioned a replica of a U.S. aircraft carrier at the world’s most important oil chokepoint, the Strait of Hormuz, and could use the mock-up in naval war games in the area, according to satellite images reported by Reuters on Monday. Images taken by U.S. space technology firm Maxar Technologies on Sunday show that Iran had a fast attack…
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Russia exported more LNG to China in June than the United States did, at 396,000 tons versus 340,000 tons, Russia’s Sputnik reports, citing data first quoted by Bloomberg. According to the data, from Chinese customs authorities, Russia LNG imports were 20.7 percent higher than a month earlier, while U.S. imports of LNG were just 2.4 percent higher. Separately, Natural Gas…
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UK’s oil company Aurora Energy Resources plans to challenge the government moratorium on fracking issued at the end of 2019, just a few months after Aurora had applied for permission to frack at a site in Lancashire, northwest England, the Guardian reports. Aurora Energy Resources has dropped its application to frack two wellbores in Lancashire because of the “de facto…
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Deutsche Bank is ending financing for new oil and gas projects in the oil sands and the Arctic region effective immediately, becoming the latest major bank to reconsider lending money to fossil fuel projects in sensitive areas. Deutsche Bank will no longer finance any new projects in the Arctic or the oil sands and will review all its existing business…
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KARACHI: The participants of a provincial conference on air pollution and groundwater warned on Saturday of widening the campaign against coal power plants if they were not closed down. Organised by the Pakistan Fisherfolk Forum in Ibrahim Hyderi, the conference included the voices of those affected by Thar Engro Coal Power Plant (TECPP), Port Qasim Coal Power Plant and Hub…
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ISLAMABAD: The government is making its mind to offer more incentives for both oil refinery and marketing sectors with an aim to build strategic petroleum reserves. The prices of kerosene oil, Jet Pilot (JP-1 and JP-8) will be deregulated. In addition, ex-refinery prices and margins on petrol and diesel will also be deregulated in a phased manner, unfolds the draft…
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Rystad Energy is now changing its base-case scenario for oil demand, banking on a second wave of Covid-19. The new assumption for the base case now incorporates a mild second wave of the coronavirus, which will stall the global oil demand recovery. While Europe reopens parts of its economy, triggering an increase in oil demand, increases in the number of…
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