President Joe Biden has imposed an immediate ban on Russian oil and other energy imports in retaliation for Russia’s invasion of Ukraine, while the United Kingdom said it would phase out imports by the end of 2022. The latest sanctions are likely to push up oil prices — resulting in even higher prices at the pump. Russia is the world’s…
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Sui Southern Gas Company Limited (SSGCL) has not yet issued requisite No Objection Certificate (NOC) to Pakistan Steel Mills Corporation (PSMC), which is necessary to move forward on privatisation process, despite strong recommendations by Finance Minister Shaukat Tarin, well informed sources told Business Recorder. On February 16, 2022, Finance Minister, while presiding over a meeting on pending issues had snubbed Managing…
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To initiate a public policy debate on multimodal logistics and freight services focusing their pivotal role in national trade growth, President of Pakistan H. E. Dr. Arif Alvi will be inaugurating Pakistan’s first-ever multimodal logistics conference “Trade Growth of Pakistan through Multimodal Logistics” here at Serena Hotel tomorrow. One-day conference will be featuring interactive sessions and insightful debates on a…
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An International Atomic Energy Agency (IAEA) mission said that new and updated nuclear safety regulations in Pakistan have significantly updated and strengthened nuclear and radiation safety in the country. The team also noted a few areas where challenges remain, including for Pakistan to continue to focus on decommissioning, spent fuel management and radioactive waste disposal. At the request of the…
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Global energy-related carbon dioxide emissions rose by six percent in 2021 to a record 36.3 billion tonnes, their highest ever level, the International Energy Agency said Tuesday. “The increase in global CO2 emissions of over 2 billion tonnes was the largest in history in absolute terms, more than offsetting the previous year’s pandemic-induced decline,” it said. It pointed to the…
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A leading state-owned Chinese firm has expressed concern over delay in payment and asked the Ministry of Energy (power division) to release Rs12.35 billion as Transmission Service Payment (TSP) related to 660kV Matiari-Lahore High Voltage Direct Current (HVDC) Transmission Line for September 2021 to February 2022. The China Electric Power Equipment and Technology Co Ltd (CET) / State Grid Corporation…
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Pakistan has successfully connected its second 1,100 megawatt (MW) nuclear power plant unit to the national power grid which will provide clean and affordable electricity to millions. Pakistan Atomic Energy Commission (PAEC) confirmed that it connected the K-3 unit of the Karachi nuclear power plant (KANUPP) to the national grid. “The plant has been connected to the grid on a…
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With Western allies considering expanding sanction against Russia over its invasion of Ukraine, Deputy Prime Minister Alexander Novak warned of “catastrophic” consequences of a ban on Russian oil imports, including a potential rise in oil prices to $300 per barrel. “A ban on Russian oil will lead to catastrophic consequences for the global market. The surge in prices will be…
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Russia’s dramatic invasion of Ukraine has given liquefied natural gas, or LNG, the spotlight like never before, as several European countries scramble to replace their main natural gas supplier. It is also helping emphasize the benefit that LNG export terminals in Mexico could provide for natural gas, especially in Asia. The idea of exporting LNG from Mexico has been gaining…
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A western embargo on Russian oil and gas is no longer unthinkable after the US secretary of state, Antony Blinken, revealed that the idea was gaining traction in the White House and had been the subject of “very active discussion” with allies. The reaction was dramatic, with Brent crude oil hitting levels not seen since 2008, while gas soared to…
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