A terrorist attack set ablaze two oil wells at a small oilfield in northern Iraq on Wednesday, but total production at the 25,000-bpd field has not been affected, the oil ministry of OPEC’s second-largest producer said. According to the Iraqi oil ministry, quoted by Reuters, explosive devices were set off at two wells at the Khabbaz oilfield, which is located…
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The spread between March and April natural gas futures collapsed to zero on Tuesday. The spread is critical in gauging how tight supplies will be for the North American winter. In one of the earliest collapses to less than zero, for the first time since 2015, this suggests traders are forecasting a mild winter that will dent energy demand. Bloomberg calls…
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While oil-producing nations are scrambling to plug budget shortfalls after the price crash, oil importers are benefiting from the low oil prices, and some of them are hedging against higher prices. Egypt, for example—a net oil importer—has nearly doubled its oil hedges to protect itself against higher oil import costs, Egyptian Finance Minister Mohamed Maait told Bloomberg in an interview…
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Karachi: The new office-bearers and members of the executive committee of the Pakistan Solar Association (PSA) have been elected for the year 2020-2021.According to the results of the elections, Muhammad Farhan has been elected as chairman and Waqas Haroon Moosa as senior vice-chairman of the PSA. Gul Sher Khan, Hafiz Muhammad Shoaib, Naveed, and Faheem Asharf, have all been elected…
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Most Efficient, Flexible 60 Hz gas turbine, to Support Heat and Power for Korea’s Administrative Capital Sejong City KOSPO’s New Shinsejong Combined Cycle Power Plant will be the first plant powered by GE 7HA.03 gas turbine in Korea. Plant will deliver power to the Korean grid and supply district heating to Sejong CityGE’s 7HA.03—an H-Class evolution—is the world’s largest, most…
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In Kakapir, a fishing village located around 15 kilometres to the West of Karachi, at least two dozen women spend their days planting mangroves- elongating and strengthening a natural wall against tsunami. Leading the initiative to preserve the natural resource in the area, they realise that them having a secure future is linked to the presence of mangroves. “It’s a…
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Economic headwinds are expected to subside as economic indicators are seen improving. With surplus in recent months, current account deficit is expected to remain in control; remittances a have continued to march up and outlook for currency depreciation is also stable. Plus, government’s packages, low interest rates, expected control in inflation, and debt relief on international loans will all contribute…
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Having pocketed a record Rs136 billion in lieu of Petroleum Levy during 1QFY21, the government is well on course to rake in even higher number for 2QFY21. In all likelihood, a new quarterly Petroleum Levy record is all put in the bag – where it could likely cross Rs150 billion. Lower international crude oil prices have helped no doubt. Arab…
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ISLAMABAD: The federal government on Tuesday “formally” considered a proposal to appoint administrator on Karachi Electric (KE), for resolution of outstanding issues, prior to transfer of 66.40 per cent stakes of M/s Abraaj to Chinese company Shanghai Electric Power (SEP), well informed sources told Business Recorder. Co-chaired by Minister for Privatisation, Mohammedmian Soomro and Minister for Energy, Omar Ayub, the…
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ou may be surprised to learn that of the trio of long-awaited coronavirus vaccines, the most promising, Moderna’s mRNA-1273, which reported a 94.5 percent efficacy rate on November 16, had been designed by January 13. This was just two days after the genetic sequence had been made public in an act of scientific and humanitarian generosity that resulted in China’s Yong-Zhen Zhang’s…
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