Crude oil prices rose further today after the Energy Information Administration reported an oil inventory draw of 6.1 million barrels for the week to December 25. A day earlier, the American Petroleum Institute also helped boost prices by estimating a crude oil inventory decline of 4.785 million barrels for the same week. Last week, the EIA had estimated a modest…
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ISLAMABAD: The Federal Cabinet has appointed Secretary Power Division, Ali Raza Bhutta as Chairman of the Boards of Private Power Infrastructure Board (PPIB) and Alternative Energy Development Board (AEDB), as Minister for Power, Omar Ayub Khan has tendered his resignation as ex-officio Chairman of the Boards, official sources told Business Recorder. Sources said that Power Division informed the Cabinet on…
Read MoreISLAMABAD: The National Accountability Bureau (NAB) has started another inquiry against former prime minister Shahid Khaqan Abbasi in an alleged multi-billion LNG scam. The bureau served a notice on Abbasi on Tuesday, asking him to appear before its investigation team on Jan 10, 2021. “The inquiry has revealed that you [Abbasi] remained minister for Petroleum and Natural Resources and prime…
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Around 11 wind projects with cumulative capacity of 660 MW had already achieved financial closing and are likely to start generation by December 2021. Sharing the details of these projects, official sources told that these were included 50 MW Master Green Energy Ltd, 50 MW Tricom Wind Power Pvt Ltd, 50 MW Lakeside Energy Pvt. Ltd, 50 MW Artistic Wind…
Read MoreFirst, the medicine prices went through the roof. Next, it was the turn of Atta (wheat flour) and sugar prices, followed by “artificial shortage” of oil at a time when there was a global glut of oil as demand fell because of Covid-19. Shortage of gas has made the winter doubly unbearable and rising cost of power is having a…
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Islamabad – Pakistan and Russian Federation have agreed to establish a special purpose company, namely Pakistan Stream Pipeline (Pvt.) Ltd for the execution of North-South gas pipeline project, it is learnt reliably here. The matters pertaining the new company and the start of execution work was discussed on December 23, 2020, during the second meeting of the Joint Russian-Pakistani Technical…
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The PD in a statement said, “Ignoring the fact that spot LNG prices are always higher in winter given global demand and supply dynamics. Comparing a spot price in a high winter month with term price is totally irrational.” PD said that if one wants to compare prices, it should be made for a full year that includes all seasons.…
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Natural gas futures are down more than 10% on Monday morning following new weather models that suggest warmer weather is ahead. Meteorologists at BAMWX show one model that suggests temperature anomalies for much of the country could be well above average for early January. For the next two weeks, heating degree days for US-Lower 48 will be below trend, suggesting warmer temperatures…
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Opponents of Enbridge’s Line 3 oil pipeline project are demanding that construction of the pipeline is stopped, the Associated Press has reported, saying the group alleged the U.S. Army Corps of Engineers failed to take into consideration several environmental factors when it issued Enbridge a water quality permit for the project. The $2.6-billion project plans to replace Enbridge’s existing 282…
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Oil has seesawed back and forth over the past week, sandwiched between very strong bullish and bearish forces on each side. Covid-19 is at its worst in many parts of the world, but vaccinations are picking up in earnest as well. Brent edged back above $51 per barrel after the house passed a major stimulus bill on Monday evening. “Markets…
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