Thermal power generation has become the largest source of power generation in national electricity generation mix as the shares of hydro, nuclear and renewable power have declined in FY2021 as compared to FY2020. According to Pakistan Economic Survey 2020-21, currently thermal has the largest share in electricity generation and its percentage share in FY2021 has increased by almost one percent…
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The International Gas Union’s (IGU) recent report on world LNG markets found that the trade increased by only 1.4 mt to 356.1 mt compared to 2019 supported by increased exports from the US and Australia, together adding 13.4 mt of exports. Asia Pacific and Asia again imported the most volumes in 2020, together accounting for more than 70% of global LNG imports.…
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An accountability court in Quetta remanded former chairman Balochistan Development Authority and former security officer of Tethyan Copper Company into National Accountability Bureau’s custody for 15 days in the Reko Diq scam case. The accused persons were arrested from Islamabad four days ago. During the hearing, Judge Munawar Shahwani approved the anti-graft watchdog’s remand plea. It is pertinent to mention…
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Production cuts by OPEC+ countries, coupled with rising demand from reopening industries worldwide, are driving up oil prices. And oil’s upbeat prospects are helping the oil and gas industry reclaim investors’ attention. As such, we think popular oil and gas corporation Exxon Mobil (XOM), and China Petroleum & Chemical (NYSE:SNP), are well-positioned to capitalize on the industry tailwinds. But let’s…
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KARACHI: Water management is one of the biggest issues that Pakistan has been facing in recent decades. At the moment, our water storage capacity is close to 10 per cent, which is very low compared to the world, where the average is about 40pc. This was stated by Malik Amin Aslam, special assistant to the prime minister and federal minister…
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Water and Power Development Authority has successfully completed construction works to clear sedimentation by raising the intakes of two tunnels at Tarbela Hydel Power Station ahead of schedule. According to the spokesman of Authority, these construction works funded by the World Bank are aimed at increasing reliability of electricity generation from Tarbela Dam. He said with the completion of these…
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Saudi Arabia has approved a funding of 901 million Saudi Riyal (Rs. 37.4 billion) for the construction of Mohmand Hydropower Dam, says the Economic Affairs Ministry. According to an official statement issued by the Ministry, Saudi Arabia Ambassador to Pakistan Nawaf Bin Said Al-Maliki met the federal minister for Economic Affairs Omar Ayub Khan here on Wednesday. The Saudi Ambassador…
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The suppliers gave a lukewarm response to the tender issued by the Pakistan LNG Limited (PLL), as only one supplier, Vitol Bahrain, made the offer for one cargo to be supplied in July 2021, a statement issued by the company said on Tuesday. Earlier, Pakistan LNG Limited had invited bids for the supply of two LNG cargoes of 140,000 cubic…
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The Federal government has on Wednesday (today) announced to lower sales tax on petroleum products. According to a notification issued today, the sales tax on Kerosene oil was lowered to 10.07% against the previously charged tax of 15.44%. The sales tax on light diesel was lowered to 3.67% from 7.56%. However, the notification mentioned that the sales tax would be charged at…
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The oil & gas industry is seeing an increase in artificial intelligence (AI) investment across several key metrics, according to an analysis of GlobalData data. AI is gaining an increasing presence across multiple sectors, with top companies completing more AI deals, hiring for more AI roles and mentioning it more frequently in company reports at the start of 2021. GlobalData’s…
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