Aggregate fossil fuel demand is set to peak in 2027 – with oil peaking in 2029 and gas in 2037 – partially due to the impacts of COVID-19, according to new research by McKinsey & Company. The Global Energy Perspective 2021 report finds that while coal demand peaked already, peaks in demand for oil and gas are not far behind.…
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China has been forced to restrict power in multiple provinces, Japan has appealed for voluntary restraint, and liquefied natural gas (LNG) prices have hit record highs as generators and utilities scramble for spot cargoes. While freezing temperatures triggered the crisis, they have also exposed an underlying lack of resilience in regional energy systems caused by the rapid transition to gas…
Read MoreISLAMABAD: In a new development, Pakistan’s private sector is going to introduce an innovative concept of virtual pipelines through cryogenic bowzers. Currently, Pakistan has two floating liquefied natural gas (LNG) terminals in Karachi with handling capacity of around 1.3 billion cubic feet per day (bcfd) of LNG. With the new concept of virtual pipelines, the government will open up the…
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Days after the federal cabinet green-lighted a major drive against oil smuggling in the country, the anti-smuggling squad of the interior ministry sealed 609 petrol filling stations and about 4.5 million litres of petrol and diesel on Friday. According to an official statement, the officials of the interior ministry swung into action against the oil smugglers, sealed petrol pumps and…
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SINGAPORE: The breathtaking rally in liquefied natural gas (LNG) is likely set for a fall in coming weeks as a cold spell in Asia gives way to milder weather and lower heating demand, traders and analysts said. Spot LNG prices have jumped by nearly 200% in the last month as freezing temperatures across North Asia boosted demand and depleted inventories.…
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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Thursday constituted a three-member committee to probe into the major power breakdown that plunged the whole country into darkness last weekend. In a notification issued here on Thursday, Nepra said that the inquiry committee comprising two private sector experts would be required to submit a report to the regulator within 15…
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HYDERABAD: Sindh Minister for Energy Imtiaz Ahmed Sheikh has urged his federal counterpart Omar Ayub to ensure issuance of notification for five wind power projects, to be installed by independent power producers (IPPs) in the province, to encourage investors and promote clean power industry. The minister said in a letter to the federal minister on Thursday that tariffs of the…
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ISLAMABAD: In a move towards reviving the International Monetary Fund (IMF) programme, the government has decided in principle to increase the electricity rates by about Rs1.90 per unit in the current billing month. A formal announcement to this effect is expected to be made over the next couple of days. A federal minister told Dawn that a news conference had been called…
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Pakistan generates close to 50 million tonnes of solid waste per year, almost 135,000 tonnes per day. Out of this, Karachi alone produces 10% or 13,500 tonnes of solid waste per day. Most Pakistanis, and especially Karachiites, suffer from a lack of solid waste collection, where it is scattered throughout the city. But the sad reality is, even if this…
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The Senate Standing Committee on Interior was informed that 12 top oil importers had been responsible for creating artificial oil shortage in the country. The panel, which met under the chairmanship of Rehman Malik, at the Parliament House on Thursday, was told that the FIA had identified those involved in the malpractice. The committee was given a detailed briefing by the…
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