At around 0540 hours GMT on March 23 last, a Panama-flagged 200,000-tonne 400-metre-long cargo container carrier MV Ever Given ran aground in the Suez Canal. It clogged one of the world’s busiest waterways. Longer than four football fields and wedged across the Egyptian-administered Canal, the vessel caused a traffic jam on both ends. The Ever Given, registered in Panama and…
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The Oil and Gas Regulatory Authority has reduced the price of liquefied petroleum gas by Rs12.38 per kilogram, it announced Friday. A kilogram of LPG will now cost Rs133.25, according to a notification issued by Ogra.The price of an 11.8kg domestic cylinder has been reduced from Rs1,718 to Rs1,575. Related: Pakistan petroleum prices to remain unchanged for next 15 days.…
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Pakistan’s budget deficit has widened to Rs1.652 trillion in the first three quarters of the current fiscal year (July-March 2021), despite Rs413 billion budget surplus by the provinces, according to the Finance Ministry. A summary of consolidated federal and provincial fiscal operations for July-March 2021 uploaded by the Finance Ministry on its website, revealed that fiscal deficit as percentage of…
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DUBAI, (UrduPoint / Pakistan Point News / WAM – 05th May, 2021) Renewable & Clean Energy will debut as the theme for middle East Energy’s inaugural virtual focus week on 17 May 2021, as research from Informa Markets revealed 83 GW of renewable and clean energy capacity, mainly solar and wind power, is planned across the Middle East and North…
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The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved payment of Rs90 billion to 35 independent power producers (IPPs) in addition to giving K-Electric (KE) a last chance to settle Rs212bn payments and ink an agreement for additional power intake from the national grid on timely payments. The ECC meeting, presided over by Minister for Finance and Revenue…
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Finance Minister Shaukat Tarin on Wednesday said Pakistan will not be exiting the International Monetary Fund’s (IMF) programme, whose “strict conditions” also come with a “political cost”. Addressing a news conference here, Tarin said while the country would not leave the programme, the government would seek “space” from the international financial institution given the current situation of Covid-19, state-run Radio…
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The last year wasn’t an easy year for anyone. Lockdowns dampened economic activity to the point that GDP fell nearly everywhere. Major markets in the Middle East and other places where energy is a crucial contributor to the economy faced an additional challenge in the significant decline in the price of oil. That might have wrought a great deal of…
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U.S. oil major Chevron (NYSE: CVX) last month signed a liquefied natural gas (LNG) supply and purchase agreement with Hokkaido Gas for a half million tons of LNG from its global portfolio spread over a period of five years, starting from April 2022. Chevron said its new partnership will broaden its customer base in Japan, a market that is foundational to its…
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Singapore, while not a domestic oil producer, has high stakes in this sector. The country is a global oil trading hub and a major global refining and petrochemicals center, accounting for 1.5 million barrels a day or 1.5 per cent of the global refining volume, and 25 million tonnes per annum or 1.2 per cent of the global petrochemicals capacity.…
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At least 30 times as much lithium, nickel and other key minerals may be required by the electric car industry by 2040 to meet global climate targets, according to the International Energy Agency (IEA). These metals are among a handful that are considered vital in the manufacture of solar panels, wind turbines and other clean energy technologies. Overall, the Paris-based organisation says…
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