The downward spiral in prices comes three days after a U.S.-led effort by top consuming nations to release stockpiled crude in an attempt to tame surging energy inflation. Next week’s OPEC+ meeting will now take on an even greater significance, as the producer group led by Saudi Arabia and Russia must decide whether to continue ratcheting up supply or pause…
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Energy storage is an integral part of renewable energy utilization. The development of innovative energy storage solutions that can allow for round-the-clock zero-emissions power has driven up the popularity of these solutions on capital markets. In recent years, the levelized cost of energy (LCOE) for renewable energy power generation and industrial energy storage has fallen significantly, making it a highly…
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The company is negotiating with government authorities to find an alternate buyer as previously the gas was being supplied to GENCOs for gas-based power generation, PPL told analysts at a brief. “Kandhkot gas field is currently producing 80mmcfd of gas whereas 120mmcfd of gas is idle despite the fact that country is facing acute gas shortage,” Farhan Mahmood, Head of…
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Karachi (PR): Mian Nasser Hyatt Maggo, President FPCCI, has expressed his deep concerns over the approach of the government for not taking the apex business, industry and trade body of Pakistan into the consultative process over mini budget; and, what will it entail! This effectively keeps all the stakeholders out of loop, he added. FPCCI President said that there are…
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Nov 26 – Oil prices plunged more than 10% on Friday, the largest one-day drop since April 2020, as a new COVID-19 variant spooked investors and added to concerns that a supply surplus could swell in the first quarter. Oil fell with global equities markets on fears the variant could dampen economic growth and fuel demand. Britain and European countries…
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A fire broke out in a tanker parked at a petrol pump in front of Saddar Parking Plaza on Saturday. The fire started during the transfer of fuel which was put out by the firefighters after a fierce struggle. The tanker contained 16,000 litres of petrol. There was also a risk of exploding the tanker as well as the underground…
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Minister for Energy Hammad Azhar on Sunday underlined the need for crafting Weighted Average Cost of Gas (WACOG) legislation to meet increased demand of the commodity especially in peak winter season. “During winters a demand spike occurs in local gas circuit which cannot be plugged by imported LNG till WACOG legislation,” he said in a tweet. Elaborating, the minister said…
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Sindh Energy Minister Imtiaz Ahmed Sheikh has raised concern over the sudden suspension of the natural gas supply to a number of residential areas of Karachi.1 In a statement issued on Sunday, he said the residents of Korangi, Mehmoodabad, Qayyumabad, Korangi Industrial Area, Mehran Town, Shah Faisal Colony and their adjoining areas were facing serious hardships due to the sudden…
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With policy rate increased by 1.5 per cent, the International Monetary Fund (IMF) is set to declare a staff-level agreement with Pakistan on revival of $6 billion Extended Fund Facility (EFF) which has been ‘in recess’ since April. Highly placed sources said told Dawn on Sunday that an IMF “statement [on staff-level agreement] could be released anytime shortly, most probably on Monday”.…
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The new legal firm hired by the Inter State Gas System (ISGS) has asked the authorities that Pakistan may face problems if the $3 billion Pakistan Stream Gas Pipeline project is completed under the amended Inter Governmental Agreement (IGA) signed with Russia in Moscow. The legal firm wants renegotiation on some vital issues already settled under the signed amended IGA…
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