Oil slumped as Russia said it was taking steps to “de-escalate” the conflict in Ukraine, while floating the possibility of a meeting between President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelenskiy. The business secretary has effectively ruled out a windfall tax on North Sea oil firms to fund discounted energy bills but promised much greater investment in solar panels,…
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Futures in New York fell more than $7, briefly dropping below $100 a barrel before pairing some losses in the latest sequence of huge swings across the oil market. Moscow said it would sharply cut military operations near the Ukrainian capital of Kyiv, though troops had already been bogged down there for weeks. KEEP READING US consumer confidence edges up…
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Several U.S. oil and gas groups have responded favorably to a recent U.S.-EU LNG deal, which was announced in a White House statement on March 25. Under the deal, the U.S. will strive to ensure additional LNG volumes for the EU market of at least 15 billion cubic meters in 2022 with expected increases going forward, the White House statement…
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The Attorney General (AG) Office has raised eyebrows at the modified draft of Arbitration Agreement (AA) sent by Karachi Electric (KE), saying the revised draft does not address the AG Office’s earlier concerns as noted in its April 2021 letter, well-informed sources in Privatisation Commission told Business Recorder. On February 15, 2022, KE furnished a muddied draft of AA after replacing…
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The Oil and Gas Regulatory Authority (Ogra) conducted its meeting at Karachi with leading Oil Marketing Companies (OMCs) and OCAC representatives which was chaired by Masroor Khan, Chairman, Ogra Zainul Abideen Qureshi, Member (Oil)- Ogra and senior executive directors and other key officers. All the issues including current scenario relating to the PDC, IFEM matters, industry reservations on certain matters,…
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Engro Energy Limited will host Pakistan Energy Symposium at a local hotel in Karachi on 1st April 2022. Theme of this symposium is Ushering the Future of Energy. Engro Energy Limited (EEL), in its efforts to address the opportunities and challenges for market reforms in Pakistan, is organizing this symposium with an aim to bring relevant stakeholders on a platform…
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Shaukat Tarin, Federal Minister for Finance and Revenue, on Monday directed Federal Board or Revenue (FBR) to take crack whip on smuggling of fertilisers to neighbouring countries to ensure price stability in the country. Tarin issued these directives, while chairing the meeting of National Price Monitoring Committee (NPMC) held at the Finance Division. The committee was briefed that smuggling of…
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Rising oil and gas prices in the international market as well as supply chain disruptions created by the ongoing Russia-Ukraine conflict have pushed Pakistan to look for alternatives as the country struggles to buy fuel on the spot market. As per a report in Bloomberg, Pakistan is shifting towards Afghan coal to meet its energy needs, as state-owned Pakistan LNG…
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Islamabad, March 29, 2022; MD / CEO, OGDCL Syed Khalid Siraj Subhani vowed to take the company on new heights by diversifying the company business.In this regard forum of top OGDCL management gathered. MD stated that company needs to set standards where employees can perform effectively and efficiently.It has also been further decided that best possible effort will be made…
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