The world’s largest oilfield services provider, Schlumberger (NYSE:SLB), reported on Friday a second straight quarterly loss on the back of a dramatic revenue slump in U.S. shale and asset impairment charges in what “has probably been the most challenging quarter in past decades,” as CEO Olivier Le Peuch said. The company also announced it would get rid of 21,000 jobs…
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Ukraine’s state-held gas firm Naftogaz is reportedly opposed to the pricing formula for U.S. liquefied natural gas (LNG) it could receive under a long-term contract, while there isn’t enough infrastructure ready to ship American LNG from Poland into Ukraine, analysts have told DW. The U.S. is eager to supply its LNG to central and eastern European markets, especially Poland and…
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KARACHI: Sindh Chief Minister Syed Murad Ali Shah has decided to acquire the Metropole Hotel land to prevent the construction of a high-rise on its place and instead develop a modern park for children and elderly people. He also decided to acquire a portion of the Sindh Club on the corner for widening of the left turning of the road…
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Karachi / Dubai: July 24, 2020 – Emirates customers can travel with confidence, as the airline will cover medical expenses of up to EUR 150,000 and quarantine costs of EUR 100 per day for 14 days, should they be diagnosed with COVID-19 during their travel, while they are away from home. This cover is provided by the airline, free of…
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Power production almost doubled in June 2020 compared to March when the Covid-19 outbreak crippled economic activities and brought them to a near halt. The significant growth in power generation indicates that a majority of the factories and industries have returned to work from the four-month-long lockdown. “Power generation has…almost doubled (soared 92% in June) from the low recorded in…
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The writer is a former member of the Energy Planning Commission and author of ‘Pakistan’s Energy Issues: Success and Challenges’. Karachi is passing through one of the worst power crises in its history. People are now demanding that the KE contract either be revoked or amended so as to correct the situation. In the minds of many people, KE has…
Read MoreISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Thursday concluded eight months of fuel price adjustments for distribution companies of Wapda with a net relief of about Rs4.46 billion to consumers owing to relatively lower rates in international energy markets. The decision was taken at a public hearing presided over by Nepra Chairman Tauseef H Farooqi on the request…
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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has accused K-Electric (KE) of violating its contract and ignoring its responsibilities that have led to excessive power cuts this summer, and asked why its licence should not be revoked. In a show-cause notice, the regulator has asked the KE to respond within 15 days as to why action should not be…
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ISLAMABAD: The federal government is set to propose eight new projects relating to transport infrastructure for inclusion in the China Pakistan Economic Corridor (CPEC) framework 2020-21. The projects would subsequently be presented for approval in the 10th meeting of Joint Coordination Committee on CPEC to be held this year. The eight projects include Greater Peshawar Mass Transit Project, 82-kilometre (km) Swat…
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Norway’s Adevinta is buying eBay’s (EBAY) classified ads business for $9.2 billion to create the world’s largest online classifieds company.In the age of Google (GOOGL)and Facebook (FB), classifieds aren’t exactly a mammoth business: They made up only about 3% of the $125 billion internet advertising market in 2019, according to the Interactive Advertising Bureau, the global industry body for digital…
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