ISLAMABAD: The Central Development Working Party (CDWP) on Wednesday cleared a total of seven development projects with a total cost of Rs57.78 billion. At a CDWP meeting presided over by Deputy Chairman Planning Commission Mohammad Jehanzeb Khan, four development projects with a cumulative estimated cost of Rs12.25bn were approved. Two other projects with a total cost of Rs33.43bn were referred…
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ISLAMABAD: The federal cabinet has decided to explore possibility of establishing land-based LNG terminals in future as Ministry of Defence (Pakistan Navy) allowed establishment of two terminals at Port Qasim on the recommendations of Ministry of Maritime Affairs (MoMA), well-informed sources told Business Recorder. ECC of Cabinet decision of March 5, 2019 duly ratified by the Cabinet on March 19,…
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KARACHI: State-owned Pakistan LNG Limited (PLL) has sought tenders from foreign suppliers to supply approximately 420,000 cubic metres of liquefied natural gas (LNG) for November, it was learnt on Tuesday. PLL invited bids from international suppliers for supply of three LNG cargoes on delivered ex-ship basis at Port Qasim. Cargo of 140,000 cubic meters each is required to be delivered…
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KARCHI: As of June 2020, Pakistan’s net oil reserves have declined by 5 percent to 540 million barrels, mainly owing to no significant production upgrade at the existing fields or addition of new ones to compensate for natural depletion of 4-5 percent, a brokerage report said on Tuesday. During the last six months, Pakistan local crude oil production was 13.2…
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ISLAMABAD: The World Bank’s International Centre for Settlement of Investment Disputes (ICSID) has granted a stay on the enforcement of the massive penalty of $6 billion imposed on Pakistan for its decision to deny a mining lease for the Reko Diq project to Australia’s Tethyan Copper Company (TCC). The office of the attorney general for Pakistan in a statement described…
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A vicious one-two-three punch that started with a gloomy long-term future outlook due to rampant fossil fuel divestments, climate change policies, and decarbonization as well as shorter-term—but severe—shocks from the COVID-19 crisis, has thrown Canada’s most important export industry into an existential crisis. Meanwhile, the drumbeat of exits by foreign oil firms bailing on the unprofitable tar sands has added…
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The Oil and Gas Authority (OGA) has published the UK Oil and Gas Reserves and Resources as at end 2019. It provides an estimate of the UK Continental Shelf’s remaining recoverable petroleum resources. The report estimates that there remains in the range 10 to 20 billion barrels or more of oil equivalent, including discovered and undiscovered petroleum resources. Official government…
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TEHRAN- The National Iranian Oil Company (NIOC) ranked first among the world’s largest oil companies in terms of total oil and gas discovery in 2019, with the discovery of 4.973 billion barrels of equivalent hydrocarbon reserves, Shana reported on Monday. Seyed Saleh Hindi, the NIOC’s director of exploration, stated in a letter to NIOC Managing Director Masoud Karbasian: “The National…
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ABU DHABI, (UrduPoint / Pakistan Point News / WAM – 14th Sep, 2020) Abu Dhabi National Oil Company, ADNOC, announced on Monday that it has successfully completed a placement to institutional investors of 1.25 billion shares in Abu Dhabi National Oil Company for Distribution PJSC, ADNOC Distribution, which are listed and traded on the Abu Dhabi Securities Exchange, ADX. This…
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President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said consumers of electricity are braving the double-edged sword of continued tariff hike and secret overbilling by the power sector. Consumers are deprived of billions of rupees every month to make for the losses, inefficiency and corruption in the power sector, he…
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