By the end of the decade, the production of plastics is set to outpace coal-fired power plants in terms of greenhouse gas emissions, further frustrating efforts to combat climate change as many countries move away from coal, according to a report released Tuesday. The report by Bennington College and Beyond Plastics projected that the plastic industry releases at least 232…
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Minister for Energy Hammad Azhar and Minister for Maritime Affairs Ali Zaidi are, said to have locked horns over the issue of handling of Q-Flex vessels, especial vehicles to carry liquefied natural gas (LNG), at Port Qasim, well informed sources told Business Recorder. On October 4, 2021, the Cabinet Committee on Transport of Logistics (CCoT&L) while discussing the issue regarding…
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A huge leak of documents seen by BBC News shows how countries are trying to change a crucial scientific report on how to tackle climate change. The leak reveals Saudi Arabia, Japan and Australia are among countries asking the UN to play down the need to move rapidly away from fossil fuels. It also shows some wealthy nations are questioning…
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Soaring prices and demand for liquefied natural gas (LNG) in Asia have pushed spot LNG freight rates to over $200,000 per day as traders scramble to book vessels to ship the fuel to energy-starved markets in Asia. A vessel to carry LNG from Gladstone, Australia, to Tokyo is now assessed at a time charter rate of $262,215 per day by…
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Back in April 2020, the landlocked West Texas Intermediate crude oil price briefly crashed into negative territory – a stunning turn of events that cost traders massive losses – when the spot oil market found itself with an unprecedented glut as there was literally too much oil to be stored, and as such those traders who were assigned delivery would pay…
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Funds that have spent years reducing their exposure to oil and gas stocks because of the ESG trend are now scrambling to get back in on the fossil fuel game. Reuters’ David Randall wrote this week that allocations to energy stocks from fund managers gained 23 percentage points over the last month as energy stocks strongly outperformed the S&P 500,…
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Soaring gas prices seem to have their impact not only in the UK’s energy market but also in its northwest neighbour Germany. E.ON has written on its website in the section for its gas supply business solutions that “unfortunately, we are currently unable to offer you natural gas products.” An E.ON spokesperson told ELN: “E.ON stands by its customers as…
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A specialist nuclear vessel has been 100% recycled for the first time in a UK fleet. Oceanic Pintail was operated by Nuclear Transport Solutions (NTS), which gave Dales Marine Services the task of recycling the 3,865-tonne vessel. Every part of it ended up being recycled and reused, which the Nuclear Decommissioning Authority (NDA) has stressed can become another means to…
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The American Petroleum Institute (API) on Tuesday reported its fourth straight week of crude oil inventory builds. The week, according to the API, the build was 3.294 million barrels-strong. U.S. crude inventories are still 63 million barrels below where they were at the beginning of the year. Analyst expectations for the week were for a build of 2.233-million barrels for…
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Recovering fuel demand and additional demand for oil products amid record-high coal and natural gas prices have pushed up global oil refining margins to their pre-pandemic levels. For the first time since COVID crippled fuel demand and margins in early 2020, refining margins in the key regions Asia, Europe, and North America have rebounded strongly in recent weeks, according to…
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