Only 36 percent of Russia’s recoverable crude oil reserves can turn a profit in the current market, Deputy Energy Minister Pavel Sorokin said in an article for Energy Policy magazine. Russia’s recoverable oil reserves stand at some 30 billion tons or 219.9 billion barrels. This means that the profitable portion comes in at about 79.16 billion barrels. This is still…
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Islamabad, January 27,2021: Federal Minister for Energy Mr. Omar Ayub Khan and President of Islamic Development Bank (IsDB), Dr. Bandar Hajjar inaugurated the construction of the 113 kilometer electricity transmission lines from Pak-Afghan border to Nowshera under the South Asia Central Asia Regional Trade and Transmission Project (CASA-1000) in a virtual event. Federal Secretary Power Division, Mr. Ali Raza and…
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Islamabad, January 27, 2021: PLL issued a tender (PLL/IMP/LNGT30) for 3 spot cargoes for March on 16 December 2020 and opened the bids on 15 January 2021 with bid opening to delivery ranging from 53 to 66 days. It received multiple bids for all cargoes but decided not to award considering the rapidly changing supply and demand position. PLL issued…
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ISLAMABAD: The federal cabinet’s Economic Coordination Committee (ECC) is likely to approve the allocation of around 22 million cubic feet per day (mmcfd) gas from three different gas fields of Sujawal block to the Sui Southern Gas Company Ltd (SSGCL). According to sources, the Petroleum Division has request the committee to approve the allocation of up to 15mmcfd gas from Sujawal-1,…
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Pakistan LNG received lowest offers from Eni and Qatar Petroleum for three shipments in March sought in latest tender, according to traders with knowledge of the tender.
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Pakistan is now faced with a new and unfamiliar problem of too much electricity generation capacity after spending decades tackling power shortages, Bloomberg reported. After having too many coal and natural gas-fired plants built – most financed under the Belt and Road Initiative, launched by Chinese President Xi Jinping in 2013 – within a short span of time, Pakistan found…
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ISLAMABAD: After recent surge in power tariff by Rs1.95 per unit and twice increase in prices of petroleum products in the current month, January, now the government is set to further increase the prices of petrol by Rs1.03 to whopping Rs110.23 per litre and diesel (high speed diesel) by Re0.95 per litre to Rs114.14 per litre. The Petroleum Division has…
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ISLAMABAD: Amid falling international market, Pakistan on Wednesday received significantly cheaper bids for three cargoes of liquefied natural gas (LNG) to be delivered in March under an urgent tendering process. The state-run Pakistan LNG Limited (PLL) had last week cancelled bids for LNG deliveries in March for three windows as prices in the international spot market started to crash. For…
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The government is considering establishing a separate electric vehicle (EV) board, similar to the Engineering Development Board (EDB), in a bid to promote environment-friendly vehicles in the country. In that regard, Federal Minister for Science and Technology Chaudhry Fawad Hussain met Prime Minister Imran Khan to discuss his ministry’s role in promoting EVs in Pakistan. He apprised the premier of…
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Some of the major fiscal and external sector economic indicators of Pakistan deteriorated in the first half of current fiscal year, but authorities believe that economic recovery will still continue, albeit, at a slower pace. The finance ministry on Tuesday released its monthly Economic Updates and Outlook report for January. The ministry used a mix of five and six-month indicators.…
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