ISLAMABAD: Amid declining oil prices, the government is likely to increase profit margins of oil marketing companies (OMCs) and dealers’ commission by 16 per cent without completion of a market study as was promised last year. The ministries of finance and planning and the Oil and Gas Regulatory Authority (Ogra) are currently examining a formal proposal, moved by the energy…
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Oil fell from an eight-month high as cracks appear among some OPEC+ members days before a key policy meeting to discuss delaying the end of output curbs. Futures fell 1.6% in New York. Iraq’s deputy leader this week criticized OPEC, saying the economic and political conditions of member countries should be considered before they are asked to withhold production. OPEC’s…
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KARACHI, (APP – UrduPoint / Pakistan Point News – 27th Nov, 2020 ) :VIS Credit Rating Company Limited has reaffirmed the entity ratings of PGP Consortium Limited at single A minus/A-two and triple B of its preference shares on ‘rating watch-developing’ status. The medium to long-term rating of ‘A-‘ signifies good credit quality with strong protection factors. Moreover, risk factors…
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ISLAMABAD: With the view to cope with gas shortfall, the government has decided to close down the RLNG supply to captive power plants (CPPs) for two months of December and January to attain 70 mmcfd gas for 60 days but, in return, the industry will be provided electricity at 7.5 cents per unit. Industry will be provided reduced tariff against…
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BEIJING (AFP) – China has powered up its first domestically developed nuclear reactor — the Hualong One — a significant step in Beijing’s attempts to become less dependent on Western allies for energy security and critical technology. The reactor, which was connected to the national grid on Friday, can generate 10 billion kilowatt-hours of electricity each year and cut carbon…
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EDITORIAL: Prime Minister Imran Khan while addressing the World Economic Forum (WEF)-sponsored Country Strategy Dialogue on Pakistan stated that expensive energy is Pakistan’s “biggest” problem – 25 percent more expensive than in neighbouring India. The Khan administration should be given credit for the Memoranda of Understanding (MoUs) signed with Independent Power Producers (IPPs) that would reduce the negative impact of…
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AWTEC Netherland, a Dutch company has expressed its intention to establishment of desalination plants and power generation from a garbage plant in Karachi, Sindh with the investment of $ 1.3 billion. As per details, the proposal was presented in a meeting presided over by Prime Minister Imran Khan about Pakistan Islands Development Authority (PIDA) and Ravi River Urban Development Authority…
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November – December 2020
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In what appears to be a continuing spillover from Tesla’s recent contested recall of its Model S and Model X vehicles in China due to suspension issues, U.S regulators are now investigating the issue. The U.S. NHTSA announced on Friday it had opened an investigation into about 115,000 Tesla vehicles over front suspension safety issues, according to Reuters. It said…
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Japan, South Korea and a fleet of international shipping groups have warned the European Union against its plan to add greenhouse gas emissions from the maritime sector to Europe’s carbon market. As the 27-country EU seeks to steer its economy towards “net-zero” emissions by 2050, the executive European Commission wants to expand its carbon market to shipping. Currently, the policy requires…
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