The use of leaded petrol has been eradicated from the globe, a milestone that will prevent more than 1.2 million premature deaths and save world economies over $2.4 trillion annually, the UN Environment Programme (UNEP) said on Monday. Nearly a century after doctors first issued warnings about the toxic effects of leaded petrol, Algeria — the last country to use…
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The central government’s total debt has increased by 21.7 per cent to Rs38.7 trillion during the last two years with a major rise in domestic debt. The data released by the State Bank of Pakistan (SBP) on Monday showed that during the past couple of years, the government’s domestic and external debts stood at Rs38.69tr at the end of the…
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Pakistan Petroleum Limited (PPL)-led consortium has been awarded Offshore Block 5 in Abu Dhabi’s second competitive exploration block bid round. Offshore Block 5 covers an area of 6,223 square kilometers and is located 100 kilometers north east of Abu Dhabi city. Besides PPL, who is the Operator during the exploration phase, the consortium consists of three major Pakistani E&P companies:…
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The Makran division of Balochistan has been suffering from critical water and electricity shortages for more than a decade now. Unfortunately, calls for reform and refurbishment have fallen on deaf ears. The provincial government has remained oblivious of the problems that the residents of Gwadar face. On social media, Gwadar is often presented as a developed coastal town with all…
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State-controlled Rosneft, the largest oil producer in Russia, has asked Russian President Vladimir Putin to be allowed to export natural gas with giant Gazprom acting as an export agent, Russian newspaper Kommersant reports, citing a letter which Rosneft’s boss has sent to Putin. Gazprom is the sole exporter of natural gas in Russia. Rosneft’s chief executive office Igor Sechin wrote…
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The Punjab government is offering a subsidy of Rs 250,000 against each laser land leveller in 13 districts with arid areas in the province. According to official sources, the subsidy was being given under Rs 300 billion PM’s Agriculture Emergency Programme. Assistant Director Abdul Samad informed that the subsidy would be given to farmers having tractors and land less than…
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Asian liquefied natural gas (LNG) prices rebounded this week to their highest since January, as more spot demand emerged even as inventories remained low. The average LNG price for October delivery into Northeast Asia LNG-AS was estimated at about $17.20 per metric million British thermal units (mmBtu), up $1.70 from the previous week, industry sources said. Woodside Petroleum sold a…
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In a display cabinet in the recently opened Our Broken Planet exhibition in London’s Natural History Museum, curators have placed a small nugget of dark material covered with faint indentations. The blackened lump could easily be mistaken for coal. Its true nature is much more intriguing, however. The nugget is a polymetallic nodule and oceanographers have discovered trillions of them…
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The oil and gas sector is undergoing permanent change brought about by a number of key events mostly related to climate change. The sector was slow to respond to the 2016 Paris Agreement, but Europe’s decisive move towards deep decarbonisation, intensified pressure from shareholders and activists, and more recently court action, are forcing permanent change on the international oil companies…
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The Hub Power Company Limited’s (HUBC) consolidated profit for the year ended June, 2021 surged 33.7%, clocking in at Rs34.83 billion compared to earnings of Rs26.06 billion in the same period of the preceding year. Earnings per share (EPS) amounted to Rs25.97 during July-June 2020-21, compared to an EPS of Rs19.31 in the same period of the previous year, according…
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